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sale of inherited property in asia

Level 1

8 children inherited a house that was inherited from deceased parents in 1987.  they sold the property last year.  they paid the required local capital gains.  then proceeds were divided by 8. 

do they need to include sale in their respective tax returns?  


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2 Comments 2

@itonewbie Can you please help answer this question.  

I will move this question to our Tax Pro Talk since this is not Tax Reform specific.

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Level 15

US citizens have to report their worldwide income on their US tax returns. They may be able to claim a foreign tax credit for tax paid to other country.