Reporting joint ownership of foreign asset

[dipsatch]

I am a joint owner of an apartment in a foreign country (my country of citizenship). I don't have any income from that. Do I have to report it on turbotax or any other IRS forms? If so, please specify the details.

[LoganathanB · Accepted solution]

No, you do not have to report if you do not have any income from the apartment.

Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938.

You will have to pay tax on capital gains if you sold the apartment and you had capital gains.

You can take a foreign tax credit if you paid tax on the capital gains in the foreign country.

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8938