reporting passive capital gains and losses on Form 1116

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jenfin
Posts: 52
Joined: Sat Mar 12, 2011 5:18 pm
Location: Canada

Post by jenfin »

Mgeorge..yes thanks I do take my US into account when reconciling. Took longer than I planned to get to this. When using my real numbers and reconciling to line 18 on 1116 I realized that I had ignored $146 of MTM (other) losses which I would also have to deduct on line 5 whether I go the $1500 loss or the $2800+1500 route.

The end result being the same at first I considered going the $8000/$1500 method since it was more consistent with how I reported in the past but when entering the info in taxact it seemed that in order to get gross receipts in line 3d I had to fill in gross gains in the manual input section and that seemed to include it in 1a and 3d. Taxact automatically seems to put it in 3e

Thanks again.
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