Selling foreign apartment with a gain in the local currency, but USD equivalent of the proceeds will be less than was USD equivalent of the cost (loss). Any taxes?

alexander-kuliko — Thu, 06 Jun 2019 06:07:52 GMT

I own an apartment overseas for many years. I leave in US 100% of the year (US tax resident). I am going to sell the apartment. Its value in a local currency increased, however the local currency depreciated and in USD I will make a loss. Any tax implications? Any reporting needed at all? Any issues with transferring money into USA?

If this was a rental property, you can report the loss on...

IreneS — Thu, 06 Jun 2019 06:07:54 GMT

If this was a rental property, you can report the loss on your tax return in the year you sell it.

You don't have to report it on your return, but it will be a benefit to you if you do. There should be no issues with transferring money into the USA.

topic Selling foreign apartment with a gain in the local currency, but USD equivalent of the proceeds will be less than was USD equivalent of the cost (loss). Any taxes? in Deductions & credits

Selling foreign apartment with a gain in the local currency, but USD equivalent of the proceeds will be less than was USD equivalent of the cost (loss). Any taxes?

If this was a rental property, you can report the loss on...