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Level 1
December 7, 2019
Solved

A US citizen with tax home in another country has capital gains in a US brokerage account. Is this foreign income for Form 1116?

  • December 7, 2019
  • 1 reply
  • 9 views

None of the answers on this site are relevant.  Tax payer is a US citizen.  Tax payer's tax home is another country.  Tax payer's capital gains are in a US brokerage account reported on Form 1099-B.  As I understand, sales of personal property are sourced to the tax payer's tax home.   Is it correct for me to report the capital gains as foreign income on Form 1116?

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Best answer by poolcleaner

Unless the capital gains are from non-US companies they would not be reported on Form 1116.

1 reply

Level 8
December 7, 2019

Unless the capital gains are from non-US companies they would not be reported on Form 1116.