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If you are a US citizen or resident, you are required to file a US tax return for income from all sources both domestic and foreign. Therefore, you will need to report this land sale (converted into US dollars) on your tax return as the sale of a capital asset.
To enter this transaction in TurboTax Online or Desktop, please follow these steps:
Click this link for further information about reporting
the sale of a capital asset
If you are a US citizen or resident, you are required to file a US tax return for income from all sources both domestic and foreign. Therefore, you will need to report this land sale (converted into US dollars) on your tax return as the sale of a capital asset.
To enter this transaction in TurboTax Online or Desktop, please follow these steps:
Click this link for further information about reporting
the sale of a capital asset
You report that sale as you would any real estate property sale. Where that property is on the planet rally doesn't matter. If it was classified as rental real estate at the time of the sale, then you'll report the sale in the Rental & Royalty Income (SCH E) section of the program. If the property was investment property *OTHER* than rental real estate (i.e.; buy and hold and sell when value increases) you'll report the sales in the Investments section. If it was personal use property you'll report the sale in the "sale of home (gain or loss)" section of the program. Do note that if it was personal use (primary residence, or 2nd home) then if you sold at a loss the loss is not deductible. In such a situation you don't have to report the sale at all *UNLESS* you received a 1099-S reporting any proceeds from the sale.
As for reporting the transfer of any money from any foreign country into the U.S., that's a completely separate department in the Treasury Department, and has nothing to do with the IRS. Reporting is only required if the amount transferred is more than $10K and if you did a wire transfer or ACH transfer, you can rest assured the U.S. bank receiving the funds has reported it to the Treasury Department.
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