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Us tax foreign property
I just inherited 4 properties in Oman with my brothers. I have lived in the US for 30 yrs. And I'm a citizen. One property will generate about 70k in rental income (US dollars) per year. One was just sold for a slight gain. How do I declare properties to US gov't? I also must declare income too, right?
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Yes, to both questions.
The sale of the property must be reported on Schedule D, with any profit taxed as a long-term capital gain (probably 5%, but no more than 15%). The rental income must be reported annually on your tax return using Schedule E, with the building(s) on the property depreciated over 40 years. |
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