sell of foreign property

Suj59 — Thu, 05 Dec 2024 21:59:03 GMT

I purchased property in 2008 abroad at conversion 1dollar :38 Rupees now is 1:83. in US currency I have a loss does the loss apply to the foreign country even though there is capital gain in Rupees and loss in dollars.

Re: sell of foreign property

Opus 17 — Thu, 05 Dec 2024 22:05:52 GMT

If you are a US person and required to file a US tax return, you report the gain or loss using the US$ values, regardless of currency fluctuations. If you have a capital loss when viewed in US$, that is what you report, even if you have a gain when viewed in the currency of the other country. Capital losses are generally deductible on your US tax return against other capital gains income, except that capital losses on personal use property are not deductible. (Such as your main or vacation home.)

topic sell of foreign property in Deductions & credits

sell of foreign property

Re: sell of foreign property