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What is US IRS tax implication for a US Citizen owned house sale in India?

The home was purchased in 2005 and sold in 2008 with a gain.

Public Comments

1. You must report the gain on schedule D. If you paid any taxes in India, then you can claim foreign tax credit by filing Form 1116. Read http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html If it was your main home or second home, you can exclude profit of up to $250,000. Read http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html