First of all Thank you for your quick and detailed reply.
Overseas Real estate I just asked about does not exists yet, I'm asking prior to purchase,
also it will not be put in mortgage in that country, it will be one time purchase as it is not that expensive.
I don't have intent to claim anything form USA even if it is in mortgage and even if there is home tax in that country. I don't need any tax deduction or support from USA for having that overseas property. I just want to make sure I do everything right for tax purposes.
What is interesting for me :
1) If I purchase home outside of USA then IRS will or will no tax me for owning that PERSONAL property.
You answered NO. Correct?
2) When I buy that property - I have to create and report my overseas bank account which will receive money more than 10000$ from my US bank account (for example I will transfer 40 000$ from USA). This money I will use for purchasing real estate. Do I have to pay taxes on those transferred overseas 40 000$ which I earned in USA and already payed taxes, just because these 40 000$ will appear on my overseas bank account.
You answered - NO. Correct?
Please correct me if I understand you wrong.
