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posted Apr 25, 2024 7:35:37 PM

Tax on foreign money to Us after property selling

Hi , 

I am USA citizen residing in USA , I am going to sell my property in foreign country and want to bring the money to USA , I would pay the property gain tax in foreign country/government  , so do I need to pay tax in USA while bringing the tax to USA after paying the gain taxes in foreign country ? 
Thanks.

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1 Replies
Level 15
Apr 25, 2024 10:05:33 PM

you need to enter the sales information for US taxes for the year of sale. As a US citizen, you are taxed on your worldwide income. To mitigate the double taxation you file form 1116 with your US return to claim credit for income taxes paid in the foreign country.