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Chea Romine
Chea Romine, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 197
Experience:  CPA, Managing Partner of medium sized CPA firm specializing in all areas of tax and accounting.
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We are U.S. citizens and purchased, in another country, land

Resolved Question:

We are U.S. citizens and purchased, in another country, land that has appreciated significantly in value over time. If we sell the land, are there IRS capital gains tax consequences for us If we transfer the monetary gain to our U.S. bank account?
Submitted: 5 years ago.
Category: Tax
Expert:  Chea Romine replied 5 years ago.

Chea Romine :

As a US citizen you are required to report any earnings to teh IRS no matter where it is earned. So when you sell the land you will report it on your tax return just as if it was in the US. What they allow is a credit for any tax that was paid to the country where the land is.

Chea Romine :

You have to report it in US dollars also.

Chea Romine :

You are required to report the gain whether the money is in a US bank account or not.

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