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svyas1911
Feb 27, 2010, 07:36 AM
Hi

Before I moved to the US, I owned property in india. I have now been a resident of US for last 9 years. I am now selling the property. Question is:

Where do I pay Capital Gains tax?
If I had to pay that in India, can I claim credit in the US against the tax paid?

Five Rings
Feb 28, 2010, 01:55 PM
You will pay the capital gains tax in India if required.
Yes you can claim a credit against that tax paid on Form 1116.

MukatA
Mar 2, 2010, 12:10 AM
You will report the sale on schedule D (Form 1040). You will have long term capital gain. Also complete Form 1116.
Another filing requirement may be Form TD F 90-22.1. Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income (http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html)