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My client had a foreign capital loss on a property internationally and I was wondering where I should include that on his US Tax Return (he's a US resident). Also could that loss be used to offset domestic capital gains? Your help is much appreciated. Thank you so much.
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It would generally go on Schedule D, like the sale of any property. Is it personal use property?
See page D-3 https://www.irs.gov/pub/irs-pdf/i1040sd.pdf
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Nope it is not personal use property but an investment property. I didn’t see on D-3 where it says it can go on schedule d.
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d-3 was just to emphasis the personal use aspect. It goes on Schedule D, just like any stock sale. I am assuming that there is no 1099B, so indicate that to get it to end up on the correct page of the 8949
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Gotcha, thanks sir! Appreciate it so much!!
