What is the potential tax liability for a properties sold outside the US

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01-19-2015, 09:55 AM

Geek1974

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What is the potential tax liability for a properties sold outside the US

My wife and I sold a property for $180,000 which was originally given to me by my father ten years ago.

What, if any would be the US tax implications if I deposited these funds into my US bank account?

My thoughts were that these funds would not constitute income and thinking that all property sales originating in foreign countries are not reportable transactions to the IRS.

Thank you so much for your help!

« Tax subsity repayment | IRS created a new reporting requirements of filing Form 8938 to holders of Foreign Assets! »

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