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

Question

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

Answer 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-c...  

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/prof...