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

    Feb 17, 2014, 03:28 PM
    Foregin property inheretance tax
    I just sold my apartment in Russia for about $110 000. I inherited the apartment from my mother in 2001. I did not know about the apartment until 2012, so I never mentioned it on my tax return.
    The price the apartment in 2001 was about $180 000.

    What taxes and penalties for not reporting I can get?

    Thanks,
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 17, 2014, 06:16 PM
    Unless you received rent, there was NOTHING to report until you sold, and you did that in 2014, so just report the sale on your 2014 tax return and you will be fine.
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!

Inheretance tax on house and money [ 3 Answers ]

There are 4 kids in our family and my mother is struggling with how the inheretance will be divideed when she dies. The house is worth about 200k and she has about 200k in the bank. What would you expect to pay in taxes for the 200k house as one child's inheretance and for the other 3 children at...

Claim Foregin Expeneses [ 1 Answers ]

Want to know about how can you claim the expeneses occurred outside of usa like property purchase. Like mortgage interest, government taxes and commission paid on your standard or itemized deduction as business property or vacation home. I am H1B visa with getting W2. Not had claim that expenses...

View more questions Search