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    LNoor's Avatar
    LNoor Posts: 1, Reputation: 1
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    #1

    Oct 16, 2012, 04:53 PM
    Tax laws for property sold outside of us for us citizens
    I am an American citizen and I own some property outside of the US. I am thinking of selling my property. What are the tax laws?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 16, 2012, 06:34 PM
    You must report the sale on Schedule D and pay taxes on the capital gain, if any.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Oct 17, 2012, 01:50 AM
    You treat the sale in the same way as any property in the U.S.
    If you paid taxes in a foreign country on the capital gains from the sale of property, you will file Form 1116 to claim foreign tax credit.
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