Ask Experts Questions for FREE Help !
Ask
    Kookiegn's Avatar
    Kookiegn Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 29, 2012, 03:47 AM
    Sale & exchange of property in a foreign country
    Sold property overseas. Did exchange & purchased property overseas with portion of proceeds per tax law of foreign country and paid no capital gains tax on the exchange . There will be no capital gains tax to be paid in the USA on the exchange portion. Right? I am a US resident.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Jun 29, 2012, 07:06 AM
    Quote Originally Posted by Kookiegn View Post
    There will be no capital gains tax to be paid in the USA on the exchange portion. Right?
    Assuming that this property has not been your principle residence... sorry, but you will have to report the sale on Schedule D and pay tax on any capital gain realized.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Foreign property sale taxes [ 2 Answers ]

My husband an I live in Texas, and we had a property (land) in Mexico that we sold last year (in 80,000 dlls), that we bought several years ago (I think we paid then about 50,000 dlls). We put that money on a down payment on a house we bought here in Tx (last year too), where we are currently...

Do I have to pay us taxes on sale of foreign property? [ 3 Answers ]

I'm a retired US citizen. My family just sold some (vacant) overseas property in which I was part owner. What do I need to do if I want to transfer my share to my account in the US? Do I have to pay US taxes on the sale?

Property sold in Foreign Country [ 1 Answers ]

My mother pass away year ago, she left a property to me and my brothers and Is to be sold next month. My question is, if I bring the money of the sale to United States do I need to pay taxes? Thanks

Taxes on sale of foreign inherited property [ 1 Answers ]

I am a US citizen I inherited a property 30 yrs ago from my mother in Colombia. I have never rented it, lived in it for 18 yrs until my return to US in 2002. Will be selling it for US $135,000 . I will be buying a rental in the US with most of this . I own one property in Florida since 2004 where...

View more questions Search