# Capital Loss deduction for Foreign Income



## 30005 (Feb 15, 2018)

Hi Folks!

I have to submit USA taxes, while being non-resident for 360 days.
Would you help me to understand which form to use to claim capital loss in foreign income?
Looks like Schedule D is only for Capital gain/loss in USA.
Maybe line 5 in 1116? Any other ideas?
Thank you!


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## Bevdeforges (Nov 16, 2007)

Schedule D is for reporting capital gains, no matter where they occur. All amounts reported on US tax forms need to be converted to US $ - you can use either the spot exchange rates on the dates of the various transactions, or use the IRS average rate for the year. https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

The 1116 form is for claiming a credit for taxes paid to another jurisdiction against any US taxes created by your transaction.
Cheers,
Bev


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