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US Resident selling foreign property in Korea. Would I be subject to taxation in the US when I bring the money over after paying a 30% capital gains tax in Korea?
I am a US Resident and I have a property in Korea that I am going to sell. I have had that property for 10+ years. Currently, if I sell my property in Korea, I will be subject to paying 30% capital gains tax in Korea. If I decide to bring this money into the US, what type of taxes am I subject to? Am I exempt from being taxed on the capital gain since US Capital Gain Taxes are 25% and I paid 30% already in Korea? Please explain.
May 31, 2019
6:23 PM