I heard from friends that overseas real estate should be declared on taxes, but I do not understand why it has to be done or how to go about declaring it.
I am a green card holder living in US. I am also a citizen of Kazakhstan and own two flats in that country. I do NOT get any income from those flats. I owned those flats for years, before even coming to the US.
If I need to declare ownership of those flats, who determines their value and based on what? How would I declare ownership in TurboTax? Thank you!
U.S. lawful permanent residents (green card holders) are subject to U.S. income tax on their worldwide income, regardless of where they live or work. This means they must report all income, including income earned outside the United States, on their U.S. tax return (Form 1040).
if those flats are not rental properties, you do not report them on your income tax return.
further, foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported. Ref: IRS Foreign Financial Assets
U.S. lawful permanent residents (green card holders) are subject to U.S. income tax on their worldwide income, regardless of where they live or work. This means they must report all income, including income earned outside the United States, on their U.S. tax return (Form 1040).
if those flats are not rental properties, you do not report them on your income tax return.
further, foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported. Ref: IRS Foreign Financial Assets