cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

I inherited an apartment in Mexico from non US citizen, it was sold and the had proceeds transferred here. Taxes payed in Mexico. Do I have to also pay taxes in the US?

I inherited a small apartment in Mexico from my Aunt who was a non US resident.  It was sold and the proceeds were transferred to my US account.  Taxes were payed in Mexico, but do I also have to pay taxes in the US?  and how do I report it?

1 Reply
Highlighted
Employee Tax Expert

I inherited an apartment in Mexico from non US citizen, it was sold and the had proceeds transferred here. Taxes payed in Mexico. Do I have to also pay taxes in the US?

Yes, if you are an American citizen or resident, you are taxed on your worldwide income. However, if you sold the property shortly after you inherited it, you might not have a taxable gain.

Your basis in inherited property is the Fair Market Value of the property as of the date of death of the decedent.

The sales price of the property is reduced by your basis in the property to determine if you had a gain or a loss.

See the discussion below from SuperUserHal_Al for more information.https://ttlc.intuit.com/replies/4628231