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?
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?
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1 Best answer
IreneS
Intuit Alumni
Jun 5, 2019 11:07:54 PM
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.
1 Replies
IreneS
Intuit Alumni
Jun 5, 2019 11:07:54 PM
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.