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    Mare500's Avatar
    Mare500 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 24, 2010, 08:38 AM
    Us tax on foreign property
    Hello, similar question to Conlaw78 in Jan 2008... plus:
    - what specific form (if any) should be appended to the US Tax Return to enlist the income generated by foreign property sale
    - how should funds be transferred to the US... simply one bank-to-bank transfer, or is there a $$ limit / transfer, or..
    - the 5%-15% tax bracket is it, or is there an sale income treshold?

    I am helping a friend to find out more info, as she wants to sell a property in Sicily that has not been used in a while. My friend happens to live in the Atlanta area, she moved there not too long ago: can you be reached for advise, or is there an accounting firm that you would recommend?
    Many thanks in advance.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 25, 2010, 01:19 AM

    On your return, you must report your world wide income. Report property sale on schedule D (Form 1040) just live you will report U.S. property sale.

    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
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