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ptax255
Level 7
03-06-2024
10:24 AM
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Hi, looking for some direction/confirmation on this sale in regards to the foreign tax credit (form 1116). Client sold a foreign rental at a capital gain. On the US side I have the following:
- Capital gain
- Depreciation recapture
- Carryover rental losses
- FX gain from the mortgage payoff
There is a large foreign tax credit carryover, since every year tax was paid to the other country on the gross rental income. What's the best way to report the above types of income on form 1116?
Thank you!
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