I own an apartment overseas for many years. I leave in US 100% of the year (US tax resident). I am going to sell the apartment. Its value in a local currency increased, however the local currency depreciated and in USD I will make a loss. Any tax implications? Any reporting needed at all? Any issues with transferring money into USA?
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If this was a rental property, you can report the loss on your tax return in the year you sell it.
You don't have to report it on your return, but it will be a benefit to you if you do. There should be no issues with transferring money into the USA.
If this was a rental property, you can report the loss on your tax return in the year you sell it.
You don't have to report it on your return, but it will be a benefit to you if you do. There should be no issues with transferring money into the USA.
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