report of sale of a house in foreign country

[nmto]

What is the name of your state? TEXAS
i sold a home that i had for 14 year in france. (my parent lived in it until recently)
how do i go to report it in my income tax and what form to use?
the tax were paid in europe at the time of sale and i do not want to be taxed twice.
Thank

[Snipes5]

Find a preparer who is familiar with International tax issues.

Essentially, you convert the currency into US Dollars, and put the transaction on a Schedule D, listing the basis of the property and the proceeds of the sale, minus expenses of sale. The gain is the difference between the two.

You will need to do form 1116 to get a foreign tax credit for taxes paid on the transaction in France.

Snipes

[nmto]

i wish i could find a local CPA in Houston or preparer that is familiar with these. i have called many and so far none. the issue in france is that after you own a house for 15 years, even secondary home, you are not taxable on profit. if you sold before the 15 years, you paid tax on a % of the profit (plus value) what was my case as i had it for 14 years. the issue on schedule D is that there is no such calculation so i'm not sure how that goes. i guess worse case i would pay again the full tax in the US on full profit and then sort it after the fact? time is running out... any one from Houston reading that is familair with these type of transaction?
Thank you

[Snipes5]

Go to an H&R Block office, or go on the internet and find one as close to the Mexican border as you can find. They will know what to do.

French taxes and US taxes have nothing to do with one another. The sale is fully taxable in the US, period.

Do your French taxes first. Then do your US taxes. Put the property on Schedule D, following the instructions.

Then do form 1116 to calculate a foreign tax credit based on the tax paid to France. (or that will be paid to France)

Snipes