Selling second home outside us

Hi mgn14033 - Thanks for joining us today!

TurboTax does support the sale of a second home outside of the US.

You would enter this as a sale of a second home in Turbo Tax under federal>wages and income>less common income>Sale of home(gain or loss). You will pay capital gains on the profits unless there were exceptions involved. This is covered in the Turbo Tax interview as you complete this section. in the end, the taxable income will show as a capital gain on Schedule D of your return. Please note that the IRS requires that the gain is calculated by translating the purchase price using the exchange rate on the date of purchase, the cost of capital improvements using the exchange rate on the date the improvements were made and the exchange rate to USD on the date of the sale. 

If you paid foreign taxes on the sale of the home, you may qualify for a foreign tax credit. See this link:

https://turbotax.intuit.com/tax-tips/investments-and-taxes/foreign-tax-credit-and-other-tax-implications-of-foreign-investments/L2abXVXtA

As far as the vehicle and house contents, you only need to report personal items for tax purposes if you sold them for more than what you originally paid.

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