2007-12-05 13:17:43 · 4 answers · asked by Houston 1 in Business & Finance ➔ Taxes ➔ United States
If you are a US citizen or resident you are taxed on your world wide income. If there was any gain on the sale of the property you will have to pay US capital gains taxes on it. If you pay any income taxes to the foreign country you can take a credit against your US tax liability for those taxes. File Form 1116 with your US tax return to claim that credit.
2007-12-05 14:35:15 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
in the adventure that they are US voters or resident extraterrestrial beings the sale ought to stated on their earnings tax go back yet taxes paid to the overseas united states of america are allowed as a credit antagonistic to any US tax due.
2016-10-26 13:24:33 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You would have to consult the tax code to find what financial transactions are exempt from taxable income. Need better advice than you can receive from us.
2007-12-05 13:23:05 · answer #3 · answered by googie 7 · 1⤊ 0⤋
bostonianinmo has given you enough info for your own purchased property.
If you inherited it or it is your parents property and you are selling it on their behalf and want to transfer the money, then you need more info.
2007-12-05 19:02:24 · answer #4 · answered by MukatA 6 · 0⤊ 0⤋