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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13608
Experience:  15years with H & R Block. Divisional leader, Instructor
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Customer Question

Hi.
JA: Hi. What seems to be the problem?
Customer: Hi.
JA: Hello. What do you want help with?
Customer: Yes .Please. I will try to be brief. My mother left me a flat in Poland . I decided to sell and share the procidings with my brother . I did not hold the property long enough by Polish law to avoid taxes , so consequently I had to pay 19% of the tax due on real estate transaction. Now I have money left over that I intend to share with my brothers . Alm I suppose to pay taxes in here as I am USA citizen
JA: Pardon me?
Customer: Yes .Please. I will try to be brief. My mother left me a flat in Poland . I decided to sell and share the procidings with my brother . I did not hold the property long enough by Polish law to avoid taxes , so consequently I had to pay 19% of the tax due on real estate transaction. Now I have money left over that I intend to share with my brothers . Alm I suppose to pay taxes in here as I am USA citizen
JA: Forgive me, but I'm not following. One more time, please?
Customer: did you get my note
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Customer: if you get my note .all is there
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Submitted: 9 months ago.
Category: Tax
Expert:  Robin D. replied 9 months ago.
HelloYou are required to report the sell because you are a US citizen and you must report worldwide income on your US return.If you inherited the flat then you use the fair market value of the flat on the day your mother passed away as your cost.The difference in cost and sale price is your gain or loss.If you have a gain you pay tax on the gain. You can use the taxes paid in Poland as a credit (form 1116).If you have a loss you can use that against other gains then if you do not use it all you can use it (up to $3000) against ordinary income (like wages).If you still have some loss you carry it forward.You must report on form 8949 and Schedule D.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
Expert:  Robin D. replied 9 months ago.
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