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chiefmw
New Member

Will I owe taxes on the proceeds from the sale of property in a foreign country even though it was sold at a loss?

We bought the property with post tax dollars, and sold it at $69000 loss. 

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JulieR
New Member

Will I owe taxes on the proceeds from the sale of property in a foreign country even though it was sold at a loss?

No. Foreign Capital Loss is treated the same as a Capitol Loss from the sale of property within the US.  You report the gain or loss from the sale on Schedule D of your return.

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JulieR
New Member

Will I owe taxes on the proceeds from the sale of property in a foreign country even though it was sold at a loss?

No. Foreign Capital Loss is treated the same as a Capitol Loss from the sale of property within the US.  You report the gain or loss from the sale on Schedule D of your return.

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