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Mark D, Enrolled Agent
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I paid 240000.00 dollars cash in mexico for a house i recently

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I paid 240000.00 dollars cash in mexico for a house i recently sold it for 285,000,with real estate commision fees and mexican capital gain taxes i will have a net of 240000 dollars what will be my irs tax consequences be.thank you leon......
Submitted: 4 years ago.
Category: Tax
Expert:  Mark D replied 4 years ago.
Leon,

You would report the sale of the property on your Schedule D. The cost basis would be the price you paid for it plus any selling expenses or capital improvements made since you purchased it. In your example, if sounds like you purchased it for $240K and had $45K in selling expenses. In this case you would report the sales price of $285K and the cost basis would be $285K, resulting in no taxable income or allowed loss on the property. If this was a rental property and you have previously taken depreciation, that would change my answer. Please let me know if you have further questions.

Regards,

Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 989
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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Mark D
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MBA, EA, Specializing in Business and Individual Tax Returns and Issues