I owned a land overseas where I was born and I recently sold it. The land was a gift from my father. Do I owe taxes in US since I'm a resident here now?

[michaelap]

I owned a land overseas which I recently sold. The land was a gift from my father. I do not owe any income taxes in the country because I owned it for many years. It used to be my home country where I was born. However, now I'm a resident of the US and I've lived here for many years. I'm not sure if I owe any income taxes on the money received from the sale when I transfer the money here or even if I do not transfer the money. If so, are there any strategies to postpone the taxes (like 1031 exchange, etc.). Thank you!

[Coleen3]

Unfortunately, yes, you owe tax on the gain. As a resident, your income is "worldwide income subject to tax."  

Report Worldwide Income. By law, U.S. citizens and residents must report their worldwide income. This includes income from foreign trusts and foreign bank and securities accounts.

Property outside the US does not qualify for a like-kind exchange.

What property qualifies for a Like-Kind Exchange?

Both the relinquished property you sell and the replacement property you buy must meet certain requirements. 

Both properties must be held for use in a trade or business or for investment.   Property used primarily for personal use, like a primary residence or a second home or vacation home, does not qualify for like-kind exchange treatment.

Both properties must be similar enough to qualify as "like-kind."  Like-kind property is property of the same nature, character or class.  Quality or grade does not matter. Most real estate will be like-kind to other real estate.  For example, real property that is improved with a residential rental house is like-kind to vacant land.  One exception for real estate is that property within the United States is not like-kind to property outside of the United States.  Also, improvements that are conveyed without land are not of like kind to land.