I am in the process of selling my apartment in the Eastern Europe that I've owned since 2003. It was used strictly for personal use (i.e. no rental income or anything of that nature). It now costs more than it did 20 years ago but for the obvious reason it is very hard to compare current prices and prices back then. Plus, I've invested a lot of money into renovation over the years, no receipts kept.
I am planning to sell it and transfer funds to my US account. Do I need to report this kind of sale in any way on my 1040? Can any portion of the proceeds be taxable? Thanks in advance!
