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sale of foreign property

milkman
Level 3

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

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2 Comments 2
George4Tacks
Level 15
Yes, if not on 4797 as a rental.

Answers are easy. Questions are hard!
itonewbie
Level 15

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

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Still an AllStar