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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1 Best answer
JulieR
Expert Alumni
Jun 1, 2019 12:25:19 PM
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.
1 Replies
JulieR
Expert Alumni
Jun 1, 2019 12:25:19 PM
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.