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Home > Money & Services > Taxes   »   Tax on Foreign Property

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Old Jan 29, 2008, 04:26 PM
conlaw78
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Tax on Foreign Property
My dad was born in another country and bought real property before immigrating to America. After he moved to America and became a US citizen, he maintained ownership of the foreign property. He now wants to sell the foreign property for a good profit and bring the money over to the US.

Is any of this a taxable event?

If so, how can he avoid taxation or minimize it?

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Old Jan 30, 2008, 09:46 AM   #2  
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Yes, it IS a taxable event, because U.S. citizens pay taxes on ALL world-wide income.

However, he will pay the tax at the capital gains rate, which is either 5% or 15%, so the tax has already be considerably minimized.
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