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

    Apr 5, 2014, 05:13 PM
    I sold my property in a foreign country and wired it to my US bank
    An inherited property which I sold & deposited to my account in that foreign country. Documents as to where it came from was provided to the bank. It was then wired to my US bank. Do I pay taxes & what forms do I use to declare this?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Apr 5, 2014, 06:29 PM
    You will pay taxes on the capital gain on the sale of the property.
    FreesiaNY's Avatar
    FreesiaNY Posts: 4, Reputation: 1
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    #3

    Jun 13, 2014, 11:51 AM
    The OP said that property was inherited. I thought inheritance is tax-free? It is not clear how long it was owned by the person after inheriting it, though. If it is sold right after inheriting, there should be no capital gains? I am not a tax professional, so this is just to continue the thread and learn more.

    If the property was held for a while and the capital gains are really due, can anyone explain how to calculate the starting fair market value of the property (currency exchange rate from the past may not be available)? What are IRS requirements for foreign paperwork?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jun 13, 2014, 12:13 PM
    If the sale WAS immediately after inheritance, then no tax will be due, but the sale STILL needs to be reported.

    Also, since money (probably in excess of $10,000) was in a foreign account, the FBAR must be submitted as well.
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