Taxpayer sold stocks in oversea at a loss. It is considered capital loss that can be used to offset the capital gains from stock transactions in the US. Is it correct? Just want to confirm.
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Oveseas capital gains Taxable?
If your taxapyer is a U.S. Citizen, then yes, the gains are reportable (as would be losses). Same rule if a resident alien.
These does not appear to be, from your question, earned income so there is no "foreign earned income exclusion."
There might be some tax treaty provison depending on the nationality of your taxpayer; a treaty may affect what taxes, if any, taxpayer owes to the foreign nation.Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.
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