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Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2338
Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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If I sell a house in the philippines and i have to pay

Customer Question

if I sell a house in the philippines and i have to pay capital gains there, then I transfer the money to my US bank by wire, do I have to report the sale and my gain here on my US TAX RETURN?
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Submitted: 6 months ago.
Category: Tax
Expert:  Anne replied 6 months ago.


I'm Anne. I've been preparing taxes for 28 years and I'll be happy to help you.

As a US citizen or Resident Alien, you must report your world wide income, so yes, you need to report the sale.

There is a Foreign Tax Credit (form 1116) that will give you some relief for the double taxation .

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