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Reporting Sale of Property Abroad
Hi,
I am a dual US/Israel citizen and sold a property in Israel recently. I paid taxes in Israel on the sale of about 40%. How do I report this sale here? I know that Israel has a tax treaty with the US. I assume that means that I will not have to pay taxes here? Thanks! |
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You will report the sale on Schedule D, and claim the profit as a long-term capital if you in fact sold the property for a gain. If you sold the property for a loss, and it was NOT a business property, you CANNOT deduct the loss.
As for the tax you paid, you can file Form 1116 to claim the taxes on PASSIVE INCOME. Those taxes will offset any capital gains you may show on the Schedule D. If you want my professional help, double-click on my title above and scroll down to my profile/signature. You will find my email address there. |
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