Lucho Posted December 16, 2011 Report Posted December 16, 2011 New clients (married couple living in the USA), are in the process of selling a property abroad and getting a substantial capital gain. The property has being for rent since the time they bought it (approximately 12 years ago). Both of them (the couple), are already legal residents processing the application for citizenship. They plan to use that property sales proceed to buy a house here in the USA. For those of you who may have dealt with a situation like this, I am open to read your post telling me how to follow through the tax issue with the IRS regarding that capital gain they will bring from that foreign country. Thank you Lucho Quote
Pacun Posted December 16, 2011 Report Posted December 16, 2011 Normal transaction as if they sell the property in the US if there is no tax treaty. Quote
joanmcq Posted December 21, 2011 Report Posted December 21, 2011 Make sure they file the FBAR and that new form (can't remember the number, for accounts over $100,000). It's an easy thing to overlook if the money is only in a foreign account briefly. Quote
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