Question

Sold a US rental in 2020, how do I record in US or Canadian funds?

Forum|Forum|4 years ago
March 13, 2022
1 reply
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I noted on income screen no place to put foreign sale income

As per our TurboTax article: Proceeds of Disposition

If you have sold a capital asset for foreign currency, you must convert the proceeds of disposition from the foreign currency to Canadian dollars. Do not use the exchange rate on the day you are completing your income tax return. Instead, use the exchange rate on the day when you sold the capital property.

To know the exchange rates of foreign currency visit the Bank of Canada website.

For more information, please see our TurboTax article Taxes From Selling Foreign Investments

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