I had a property overseas that I acquired back in 2012 prior to coming into the U.S., the apartment was fully funded by my parents and grandparents who are all non-U.S. citizens.
I moved to the U.S. in 2015 prior to the delivery date. The apartment was never used, remained vacant and I did not receive any income for it, hence, never reported it in my tax returns because it was acquired prior to me being a U.S. person and second because it never generated any income for me. In 2023, I sold this apartment for $71,000 loss due to local market changes.
My questions:
1- Does moving the remaining money from the sale (a little bit over $100k) from overseas to the U.S. require tax reporting since it was a gift from my parents/grandparents who fully paid for this apartment and it was acquired prior to my move to the U.S.?
2- I have both the acquisition and sale certificates/contracts to prove the $71k loss, can i use this loss to offset any capital gain taxes in 2023 tax return? or I cannot claim the loss because the apartment was purchased using gifted money?
Yes
No
