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omnk2000
Level 3
April 8, 2021
Question

inherited property

  • April 8, 2021
  • 7 replies
  • 34 views

Hello.

How do I report inherited property that sold out of USA?

Thanks.

This topic has been closed for replies.

7 replies

sjrcpa
sjrcpa
Level 15
April 8, 2021

The same as the sale of any other property, but inherited property is automatically long-term.

What does "sold out of USA" mean?

The more I know the more I don’t know.
    omnk2000Author
    Level 3
    April 8, 2021

    Thanks for your respond.

    House was sold out of USA,  they don't have to pay  capital gain  right?

    Thanks.

     

    sjrcpa
    sjrcpa
    Level 15
    April 8, 2021

    Us citizens and Resident Aliens pay US tax on their worldwide income.

    Are you saying the property sold was not located in the US? It is still a  taxable gain for the client.

    The more I know the more I don’t know.
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