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    alice86's Avatar
    alice86 Posts: 1, Reputation: 1
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    #1

    Apr 18, 2012, 05:45 PM
    U.S tax on the foreign Land
    I recently bought a small residential land in my native country! Do I need to report to the IRS? Since Iam living in here in U.S as resident.? Any helpful tips would be appreciated.. Thank you..
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #2

    Apr 18, 2012, 05:53 PM
    I don't think so.

    Your acquiring property abroad by purchase isn't a taxable event with respect to the taxes for which the IRS is responsible, including
    • income tax;
    • gift & estate tax; or
    • excise tax.


    So I don't see why the IRS would need to know.
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