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New Member
posted Mar 13, 2022 12:59:11 PM

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

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1 Replies
Level 3
Mar 14, 2022 8:34:57 AM

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

 

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