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Selling inherited property in the Philippines
I am 76 yrs old US citizen. I am selling an inherited property in the Philippines. I will be paying the capital gain tax in the Philippines. I intend to bring the money here and pay for a property here in Poughkeepsie NY.
Will l pay tax on the proceeds of the sale? I intend to buy a property here so that my inheritance will not get lost, just transferred here. Can you please help me on the procedure of bringing the mine here. |
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For the US you will have to report the sale as a capital gain, using a cost basis equal to the fair market value of the property as of the date of death of the decedant. So if you recently inherited the property it's likely that any gain you report will be small. Then you may take a credit for the foreign income taxes you had to pay on the sale in the Philippines.
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