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A
Alva124
Level 2
August 26, 2021

Would a capital loss from a foreign asset go on SCH D?

  • August 26, 2021
  • 1 reply
  • 9 views

I have a client that has an investment property in another country and incurred on a loss when selling it. 

Would this be reported on SCH D? 

Could he use the loss to offset domestic capital gains? Would the OFL (overall foreign loss) apply in this case? 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    August 26, 2021

    It would go on Sch D - or 4797. Same way you would treat the sale if it was a US asset.

    In what context are you concerned about overall foreign loss.

    The more I know the more I don’t know.
      A
      Alva124Author
      Level 2
      August 26, 2021

      I am concerned that foreign capital losses may only be used towards foreign capital gains 

      sjrcpa
      sjrcpa
      Level 15
      August 27, 2021

      Is your client a corporation?

      I'm not familiar with this rule so I'll let someone smarter than me jump in.

      The more I know the more I don’t know.
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