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Do I have to pay tax if I sell my property abroad?

Asked May 24, 2012, 07:47 PM — 5 Answers
I live in US and have a property abroad. If I sell it and transfer the fund to US do I have to pay any kind of tax on it. I am selling it the same price as I bought it, no capital gain.

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5 Answers
AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,886, Reputation: 3728
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#2

May 24, 2012, 10:15 PM


There is no transfer tax.

You WILL have report the sale on Schedule D even without any capital gain.
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Suraya's Avatar
Suraya Posts: 3, Reputation: 1
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#3

May 24, 2012, 10:28 PM
Quote:
Originally Posted by AtlantaTaxExpert View Post
There is no transfer tax.

You WILL have report the sale on Schedule D even without any capital gain.
Do I have to pay Tax on it. If I have lived there for more than two years?
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ebaines's Avatar
ebaines Posts: 10,136, Reputation: 5589
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#4

May 25, 2012, 04:36 AM
Quote:
Originally Posted by Suraya View Post
Do I have to pay Tax on it. If I have lived there for more than two years?
You would pay tax on the capital gain - but since you said there is no capital gain, there is no tax. If there was a capital gain you may qualify for an exclusion against some or all of the gain if the property had been your principal residence for at least two of the previous five years. I can't tell you whether there are any taxes due in the country where the property is located.
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Suraya's Avatar
Suraya Posts: 3, Reputation: 1
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#5

May 25, 2012, 06:59 AM
Thank you
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AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,886, Reputation: 3728
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#6

May 25, 2012, 07:39 AM


As always, ebaines advice is 100% accurate. I have nothing to add.
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