nad5560
New Member

If I am a us citizen, who owns a piece of Property abroad, is that piece of property subject to capital gains tax if I sell it and transfer the funds to USA?

I am a US citizen. My father owned a house in Pakistan which he transferred into my name about three years prior to his death. I sold the house approximately 5 and 1/2 years ago and reinvested the proceeds into a residential plot in Pakistan. Now I want to sell that piece of property and have the funds wired into my US bank account from my Pakistani bank account. what are the tax implications if any?