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    svyas1911's Avatar
    svyas1911 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 27, 2010, 07:36 AM
    Double taxation usa and india
    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's Avatar
    Five Rings Posts: 459, Reputation: 7
    Full Member
    		  
    #2

    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    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
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