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Foreign real property gift
I am a US citizen living abroad and I received a foreign real property from a foreigner. I won't owe any gift tax in the US but I do where I live. I also have to pay the transfer tax to acquire the property. I am aware that my basis is the carryover basis of the gifter. When I later sell the property, can I add the gift and transfer taxes I paid to the foreign government to the carryover basis?
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‎October 3, 2021
7:12 AM