1040-US: Entering foreign capital gains and losses

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Question

My client has foreign capital gains and losses. Where do I enter those amounts in UltraTax CS?

Answer

Foreign capital gains and losses are entered directly on a passive category Screen 1116 in the Foreign short-term capital gain/loss field and/or the Foreign long-term capital gain/loss field. The Foreign capital gain/loss worksheets are calculated based on entries in these capital gain/loss fields.

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