I'm selling my farm and residence in Brazil. The appreciation in value is over 100 Thousand dollars. Brazilian law
Requires me to pay 15 percent in capital gains. Since I have to pay capital gains in Brazil will I have any tax
Liabilities in the US?

If you are a US citizen or resident, you need to report this sale on schedule D (Form 1040). You will also file Form 1116 to claim credit for taxes paid in Brazil. http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html

If your residence is your main home, you can exclude the gain. http://taxipay.blogspot.con/2008/03/profit-from-sale-of-your-home.html

Thanks for the reply. It seems the US doesn't have a tax treaty with Brazil so I don't think I can deduct the taxes I pay here. It's an imminent domain thing though so I still don't know.

Claiming the Foreign Tax Credit is NOT dependent on having a tax treaty with the other country. What matters is whether you paid taxes on income which is subject to U.S. taxation.

You need to file Forms 1040 with Form 1116 and Schedule D.

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