I own a foreign real estate property with my parents who live in it. My parents are paying all expenses and taxes. Do I need to declare this property?

fmoreal · ‎June 7, 2019

TomD8 · ‎June 7, 2019

If you own the property directly as an individual, there is no reporting requirement. But if you own it through an entity, such as a foreign corporation, you may well have reporting requirements. It's all well explained in this CPA web reference: http://www.smtaxcpa.com/files/international-tax/Owning%20Foreign%20Real%20Estate.pdf

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

TomD8 · ‎June 7, 2019

If you own the property directly as an individual, there is no reporting requirement. But if you own it through an entity, such as a foreign corporation, you may well have reporting requirements. It's all well explained in this CPA web reference: http://www.smtaxcpa.com/files/international-tax/Owning%20Foreign%20Real%20Estate.pdf

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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