If an american sells a property overseas do we pay taxes?

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If an american sells a property overseas do we pay taxes?

2007-11-14 01:04:47 · 2 answers · asked by Eddy M 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

You will report the sale of the property on your US tax return. If you have a gain you may owe US income taxes. You may also owe taxes to the country in which the property is located.

If you pay taxes to the foreign country, those taxes may be credited against taxes you owe on your US tax return.

2007-11-14 03:20:12 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋

Yes, if you have a gain it is taxable. Where the property is located does NOT affect your US tax liability.

2007-11-14 10:27:29 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋