USA Establishing Cost Basis in Foreign Real Estate sale


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Hope I can get some advise here on my tax question.

I sold a foreign real estate last year 2021 which was purchased on 2005. I am trying to calculate the cost basis for the capital gain calculation for the US tax filing purpose and documents /evidence that I needed to have.

* Foreign real estate purchased and sold in India and I did not receive any 1099B hence dont haver any cost basis recorded.
* I paid 7% of the total purchase price for the stamp duty which was paid by purchasing through physical stamp paper on which purchase document recoded.. Can I the use then the purchase document as the evidence for the duty paid and include it in the cost basic
* I paid additional 4% for the purchase document registration under the Indian Registration Act with a sub-registrar. I don't have any evidence on that transaction however the registration fee is well documented in the indian registration web portal. Would that be accepted as the evidence if I include it in the cost basis.
* Broker fee and Attorney fee paid at the time of the purchase but have no documents pertaining to that.. Can I include them in cost basis.
* Some home improvement was done but have no documents pertaining to that.. Can I include them in cost basis
* I already filed Indian tax return and incurred Capital loss on this sale hence no tax paid in the india on the sale. I assume this has no bearing on the long term capital gain calculation for the US tax filing purpose.. correct ?? Since I did not pay any tax in india, there is no foreign tax credit possible., correct ?
* Sale proceeding is deposited on my India bank account.. I assume then I need to file FBAR and FATCA Form 8938, correct ?

Thank you for your help
 
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BIG E

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"Foreign real estate purchased and sold in India and I did not receive any 1099B hence dont haver any cost basis recorded.
Broker fee and Attorney fee paid at the time of the purchase but have no documents pertaining to that.
Some home improvement was done but have no documents pertaining to that."

Good luck to you.
 
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"Foreign real estate purchased and sold in India and I did not receive any 1099B hence dont haver any cost basis recorded.
Broker fee and Attorney fee paid at the time of the purchase but have no documents pertaining to that.
Some home improvement was done but have no documents pertaining to that."

Good luck to you.
Can you provide little more advice, how should I approach this.
I don't have 1099-S type document since it was foreign real estate sale. Should I include the real estate broker and improvements costs in the cost basis since I don't have proof for them.. I assume if I case of audit later and if I cant produce the proof for certain items, IRS imposes heavy penalty. Any advice is much appreciated..
 
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BIG E

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You need to consult with a tax professional.
You've got just too many issues to deal with such as incomplete or nonexistent data, tax reporting to two different countries, currency conversion based on date of transactions, determination of whether that foreign real estate was a personal residence or not, and time period it was used for personal living, and was it ever converted to rental property which opens up a pandora's box full of problems?
 

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