Where do I report the gain on the sale of a US vacation home? The "Foreign Slip" input form refers to income on slips, but I have no slip.
When I report the gain on the "Foreign Slip" form, Turbotax correctly adds 50% of the gain to my income but it is taxed at a rate of almost 50%, much higher than my marginal tax rate.
Please see our TurboTax article: Taxes From Selling Foreign Investments
Here are some of our TurboTax FAQs to help: How do I declare foreign property in TurboTax?
Where do I report capital gains or losses in TurboTax Online?
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Thank you for these references, which I had already consulted. Unfortunately, they do not address the specific questions I posed concerning sale of personal use property not reported on a slip and the high marginal tax rate for such a gain.
I would also note that these references state that all amounts must be reported in Canadian dollars. If they are reported on the Foreign Income form, the amounts are reported in the currency of the transaction and the Turbotax program generates the $CAD amount.
Is the Foreign Income form the correct place to record such a sale?
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