Sale of Foreign Vacation Home

[Timdu21]

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.

[TurboTaxGinette]

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?

Thank you for choosing TurboTax.

[Timdu21]

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?

Thank you for your help ! 

[TurboTaxGinette]

In order to help you with this situation, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to help resolve the issue. To contact them, please follow this link: Contact Us. When asked if you wish to receive an email say NO then say "speak to a representative" then hold the line.

​​​​​​​Thank you for choosing TurboTax.