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Tax implication selling residential lot abroad
Some twenty years ago while I was still living in the Philippines, my parents bought a small residential lot with no structure and they put it under my name. My sister in the Philippines had been paying the mortgage all this time, she now wants to sell the lot. I will not get cash proceed on the sale. I’m a US citizen and living in the US permanently, what are the tax implications on my end? What IRS forms I need to fill out? Thank you for your help..
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There are several strategies you can follow.
1) You can GIVE the property to your sister. She will inherit your basis (what your parents paid for the property. 2) You can sell the property and claim the PROFIT of the sale as long-term capital gains, which will likely be taxed at 5%, but no more than 15%, even if you do NOT get any of the money (the property IS in YOUR name). |
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