Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
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The United States taxes its citizen's and permanent residents income worldwide, wherever it is earned. Under U.S. law the taxable event would be the sale of land and would not matter whether the proceeds are brought back to the United States or not, unless the land was owned by a foreign corporation.
The seller of the South Korean land a US citizen, permanent resident, or normally spends a considerable amount of time in the United States? Please let me know so I can clarify anything or answer any additional questions, and I would greatly appreciate positive feedback. Thanks, Jonathan