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    czort78's Avatar
    czort78 Posts: 2, Reputation: 1
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    #1

    Mar 3, 2011, 02:52 PM
    Taxes on property sold in poland
    My husband recently sold his property in Poland (he's been the owner since the early 90's). His father lived there until his death in 2006. Property sold for around $ 87,000. He is a US Citizen, lives in US. What kinds of taxes (if any) does he need to claim? Anything that needs to be reported? Any help would be greatly appreciated. Thanks.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #2

    Mar 4, 2011, 12:41 AM

    He will report long term capital gain on schedule D (Form 1040). If he paid taxes in Poland, he will also claim foreign tax credit using Form 1116.
    czort78's Avatar
    czort78 Posts: 2, Reputation: 1
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    #3

    Mar 4, 2011, 07:37 AM
    Comment on MukatA's post
    Taxes as in property taxes every year? Those were paid every year on time. Are you taxed on capital gain? Why would you have to pay taxes on something that you've owned for a long time (been in the family for generations)? Thanks for your help :)
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #4

    Mar 5, 2011, 04:56 AM

    Yes, you will pay tax on capital gains. US citizens must pay tax on worldwide income. Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income
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