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    conlaw78's Avatar
    conlaw78 Posts: 1, Reputation: 1
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    #1

    Jan 29, 2008, 05:26 PM
    Tax on Foreign Property
    My dad was born in another country and bought real property before immigrating to America. After he moved to America and became a US citizen, he maintained ownership of the foreign property. He now wants to sell the foreign property for a good profit and bring the money over to the US.

    Is any of this a taxable event?

    If so, how can he avoid taxation or minimize it?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Jan 30, 2008, 10:46 AM
    Yes, it IS a taxable event, because U.S. citizens pay taxes on ALL world-wide income.

    However, he will pay the tax at the capital gains rate, which is either 5% or 15%, so the tax has already be considerably minimized.
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