I have a piece of land in Ecuador that I am about to sell. It was an inheritance about 30 years ago. How much taxes do I have to pay to bring the money here. What documentation will they ask me for. I don't think I have any prove that I inherit it or bought it. I just own it.

You will report the sale of property on schedule D (Form 1040). Your cost basis is the value of property on the date of inheritance. If you paid taxes in the foreign country, you will claim credit for taxes paid in the foreign country by filing Form 1116.

Another filing requirement is Form TD F 90-22.1. 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)

I did pay property taxes on the land. The land was probably worth 10k back then, 30 years ago. Know it is worth 100k. My question is do I have to pay taxes on those 90k even though it was not an investment, and I own it for so long. I do not want to bring the money here if its going to cost me 15k to do so. Also, I am a US citizen

I did pay property taxes on the land. The land was probably worth 10k back then, 30 years ago. Know it is worth 100k. My question is do I have to pay taxes on those 90k even though it was not an investment, and I own it for so long. I do not want to bring the money here if its going to cost me 15k to do so. Also, I am a US citizen

I did pay property taxes on the land. The land was probably worth 10k back then, 30 years ago. Know it is worth 100k. My question is do I have to pay taxes on those 90k even though it was not an investment, and I own it for so long. I do not want to bring the money here if its going to cost me 15k to do so. Also, I am a US citizen

Any update on this, anyone knows?

Yes, the inherited land is a capital asset, so capital gains taxes will be due upon its sale. This is the law even if the money never enters the United States.

Failure to report the sale and pay the capital gains tax (at most 15% and maybe as little as 5%) is tax fraud. Given the IRS' increased focus on identifying overseas transactions for tax purposes, I personally would not risk the consequences of not reporting the transaction, especially if you paid capital gains taxes on the sale to the host country, because those taxes will offset your U.S. tax liability on a dollar-for-dollar basis.

I have a property in srilanka and I want to sell that land for overseas.if anyone know about any site can you tell me?