milkman
Level 3
โ01-07-2020
05:30 PM
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Client owned property in foreign country since 2001. Sold it in 2019. Is this reportable on schedule D?
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George4Tacks
Level 15
โ01-07-2020
05:36 PM
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Yes, if not on 4797 as a rental.
Answers are easy. Questions are hard!
Answers are easy. Questions are hard!
itonewbie
Level 15
โ01-07-2020
10:20 PM
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And if your client settled a foreign currency denominated mortgage, there may also be a reportable ยง988 gain.
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Still an AllStar
Still an AllStar