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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13143
Experience:  15years with H & R Block. Divisional leader, Instructor
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My friend (he is US citizen) owned a property in China and

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My friend (he is US citizen) owned a property in China and sold it recently for profit. He will convert the money into US dollar then send back to his account in US. Does he need to pay capital gain tax here for the profit?
Submitted: 6 months ago.
Category: Tax
Expert:  Robin D. replied 6 months ago.
HelloA US citizen is required to report their worldwide income. Your friend will need to report the sale on his US return for the year it occurred. Even if he does not move the money to the US.His gain is taxable in the US.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 6 months ago.
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