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milkman
Level 3
January 7, 2020
Question

sale of foreign property

  • January 7, 2020
  • 2 replies
  • 24 views

Client owned property in foreign country since 2001.   Sold it in 2019.  Is this reportable on schedule D?

This topic has been closed for replies.

2 replies

George4Tacks
George4Tacks
Level 15
January 7, 2020
Yes, if not on 4797 as a rental.
Answers are easy. Questions are hard!
    itonewbie
    itonewbie
    Level 15
    January 8, 2020

    And if your client settled a foreign currency denominated mortgage, there may also be a reportable §988 gain.

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