turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

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

MyKnew
New Member

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.

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.

1 Reply

Tax on foreign money to Us after property selling

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. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies