Taxes for selling property in Spain?

[user17538342114]

Hello, I am a Spanish citizen, but US resident (green card). I live and I pay my taxes in the US, and this circumstance is not going to change anytime soon. I'm selling an apartment in Spain, that I own along my four brothers. The buyer has to retain 3% of my part for the Tax authorities in Spain. My part will amount to less than 200k. Please note that there is a double taxation agreement between the USA and Spain. Two questions: 1) Where do I declare my capital gains? Any information I find online gives me a sided answer: sites from Spain will tell me I have to declare my capital gains over there, even if I'm not a resident there, while sites from the US will tell me otherwise. 2) If I must declare my capital gains in the US (as logic would dictate), what will happen to the 3% retained by the Spanish Taxes? Thank you for your time, Rafael

[pk]

@user17538342114 , having read through your post what I get is :

(a) You a US person  ( GreenCard), and living in the US -- US Tax home

(b) have sold  jointly held property  in Spain

(c) You have had TDS ( Taxes Held at Source ) of 3%

(d) You now wish to recognize this alienation of asset and corresponding gain/loss for US tax purposes.

The questions I have at this point are :

1. How did you acquire the asset ?  Is it purchase ( what was the price at the time, translated to US$ ?)  or inheritance ( when was the passing of the decedent, what was the  FMV-- Fair Market Value -- on that day or soon thereafter )?

2. If there was a significant time between acquisition and disposal, how was the property used  in the meantime ?  If it was rented out / income generation, did you report those incomes  in your US return during that income generation period ?  Were you a US resident ( GreenCard or  Resident for Tax Purposes) during that period?

3. When did the sale complete ?  Did the proceeds ( your share ) rest in a Spanish/ Non-US bank account  ( that you own or have/had signature authority over ) for any period?

Please answer my questions and I will circle back -- yes ?