Question

I am a US citizen. Sold inherited land in India in 2023. Paid Capital gains tax in India and working on filing US tax return. Buyer paid the sale amount in three installment. For calculating US Capital Gains, converted the spot exchange rate each ti

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March 12, 2025
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Is exchange related loss for sale of land in India allowed in US tax return by IRS?

Credit

You can report your foreign Capital Gain/Loss as if you had a 1099-B, in the Investments section of Wages & Income, under Stocks, Crypto, Mutual Funds, Bonds, Other.

Choose 'stocks, bonds, mutual funds', then 'skip import', Indicate that you will enter your sales 'one by one'. Choose long term or short term as appropriate; not reported to IRS.

TurboTax will prepare Form 8949 for you, based on your entries.

If you paid Foreign Tax on this income, you can take a Foreign Tax Credit.

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