topic Selling of inherited family land in foreign country? in Deductions & credits

Selling of inherited family land in foreign country?

Pitalax — Mon, 01 Jul 2019 20:16:05 GMT

I would like to find out more about situation if I decide to sell inherited family land (just land, no homes or any other structures on the property) located in East Europe. Land was inherited from my family who were never a US citizens. I know there are some local taxes (country where the land is located) but I want to find out if I need to report/pay anything about the sale as I am an US citizen. Anybody knowledgeable/has experience about this topic? Thanks!

Re: Selling of inherited family land in foreign country?

Critter — Mon, 01 Jul 2019 22:36:10 GMT

All total worldwide income must be reported on an income tax return however you may get a foreign tax credit for the taxes you may need to pay in the other country.

Re: Selling of inherited family land in foreign country?

Pitalax — Wed, 03 Jul 2019 18:04:54 GMT

Don't get me wrong. I appreciate your time and reply but need advise from someone who is knowledgeable and/or has experience. Everyone knows that I "may get" or "may need" something.

Thanks!

Re: Selling of inherited family land in foreign country?

NCperson — Thu, 04 Jul 2019 02:05:38 GMT

Suggest hiring a cpa

The prior answer provided was “spot on”