Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
cardiff85
New Member

Sold a US rental in 2020, how do I record in US or Canadian funds?

I noted on income screen no place to put  foreign sale income
1 Reply

Sold a US rental in 2020, how do I record in US or Canadian funds?

As per our TurboTax article: Proceeds of Disposition

 

If you have sold a capital asset for foreign currency, you must convert the proceeds of disposition from the foreign currency to Canadian dollars. Do not use the exchange rate on the day you are completing your income tax return. Instead, use the exchange rate on the day when you sold the capital property.

 

To know the exchange rates of foreign currency visit the Bank of Canada website

For more information, please see our TurboTax article Taxes From Selling Foreign Investments

 

Thank you for choosing TurboTax.