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oksanawalton
Apr 13, 2009, 03:48 PM
I am a dual citizen - US and Russia, my permanent residency is in US and I pay US taxes. However, I have a flat in Russia which I am considering to sell. I am aware of Russian tax law, but not sure how profits from this transaction would be processed in US. Do I pay any taxes in the US (I owned this property for over 20 years)?

MukatA
Apr 14, 2009, 12:48 AM
On your return, you must report your world wide income. You will report property sale on schedule D (Form 1040). If you paid taxes in the foreign country, you will claim credit for taxes paid in the foreign country by filing Form 1116
Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income (http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html)