turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening TOMORROW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Pitalax
New Member

Selling of inherited family land in foreign country?

I would like to find out more about situation if I decide to sell inherited family land (just land, no homes or any other structures on the property) located in East Europe. Land was inherited from my family who were never a US citizens. I know there are some local taxes (country where the land is located) but I want to find out if I need to report/pay anything about the sale as I am an US citizen. Anybody knowledgeable/has experience about this topic? Thanks!
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Selling of inherited family land in foreign country?

All total worldwide income must be reported on an income tax return however you may get a foreign tax credit for the taxes you may need to pay in the other country.

Pitalax
New Member

Selling of inherited family land in foreign country?

Don't get me wrong. I appreciate your time and reply but need advise from someone who is knowledgeable and/or has experience.  Everyone knows that I "may get" or "may need" something.

Thanks!

Selling of inherited family land in foreign country?

Suggest hiring a cpa

The prior answer provided was “spot on”

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies