Please provide legal advice... Thank you !
2007-05-18 04:07:31 · 3 answers · asked by Marino 3 in Business & Finance ➔ Taxes ➔ United States
If you are a US citizen or resident, you are subject to US taxation on your world-wide income from all sources. If you had a gain on the sale of that property, you'd have to report it and pay any US taxes on it. You would get a credit for any foreign income taxes paid. File Form 1116 to claim that credit.
2007-05-18 05:01:23 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you are a US citizen any income must be reported. Some folks seem to find ways to avoid those type taxes. Those methods may or may not be legal. The specific circumstances of your case would dictate how you should proceed. It would be best that you discuss those with a professional familiar with foreign property transactions.
2007-05-18 11:24:49 · answer #2 · answered by ? 6 · 0⤊ 0⤋
cannot provide legal advice but you must declare all income bought into the country...makes it easier to sleep at night.
2007-05-18 11:10:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋