Treatment of Foreign Capital Loss

Forum|Forum|5 years ago
April 17, 2021
1 reply
14 views

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.

ProConnect Tax

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Best answer by George4Tacks

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

George4Tacks

Level 15

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

Answers are easy. Questions are hard!

C

cpa41Author

Level 3

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.

George4TacksAnswer

Level 15

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

Answers are easy. Questions are hard!

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