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?

nad5560 — Wed, 05 Jun 2019 22:23:14 GMT

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?

Yes, as a US responsible, you are responsible for paying...

CarolynM — Wed, 05 Jun 2019 22:23:15 GMT

Yes, as a US responsible, you are responsible for paying taxes on all your income earned world wide.

You will need to convert the income to US dollars to report on your 2018 tax return, if you sell this year.

For more information about capital gains, follow this link: IRS on Capital Gains

topic 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? in Deductions & credits

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?

Yes, as a US responsible, you are responsible for paying...