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Updated about 3 years ago on . Most recent reply

Maykel Garcia's profile image
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Maykel Garcia
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  • from New Jersey
  • Member since Dec 11, 2020
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Maykel Garcia's profile image
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Maykel Garcia
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  • from New Jersey
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Maykel Garcia
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  • New Jersey
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Tax, SDIRAs & Cost Segregation

Tax on selling overseas property

Maykel Garcia
  • Investor
  • New Jersey
Posted

I am selling the house where I was born which is located in another country. The property is under my name but I haven’t lived in it for the past 15 years as I have been living in U.S. The sale price will not exceed 250K dollars.

What tax options do I have?

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Basit Siddiqi
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Basit Siddiqi
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Basit Siddiqi
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@Maykel Garcia

You may be required to report the sale on your US tax return.
You may get a credit for any taxes reported to the foreign country.

Also be mindful when reporting it on the US return that you would have to calculate the currency conversion.

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