I am a US Citizen and own foreign properties in another country worth at about ~$1MM. Just a few concerns:
1. I understand I need to report this to the IRS to let them know I have foreign assets but if I don't, how do they find out? The foreign properties in that country are under my citizenship there, not under my US citizenship info.
2. So suppose I report these foreign assets (and I will) and I live outside of the US for over 330 days in a year, do I still get taxed (foreign and state - NJ) in the US for the rental income I receive from my foreign properties? What about the capital gains when I sell these properties for profit?
Thanks!
