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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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I inherited a property in the carribean and sold it last

Customer Question

I inherited a property in the carribean and sold it last year at a gain. I received no 1099S. What forms do I file on my tax return
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I never lived in nor rented the property
JA: Is there anything else the Accountant should be aware of?
Customer: no Thank you
Submitted: 2 months ago.
Category: Tax
Customer: replied 2 months ago.
I neither rented nor used the property
Customer: replied 2 months ago.
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Expert:  Mark Taylor replied 2 months ago.

Hi, my name is Mark. I will be happy to help you with your question. The sale of the property would be reported on Schedule D. You would take the sales price and reduce this by your basis in the property less and costs associated with the sale.

Expert:  Mark Taylor replied 2 months ago.

The basis of the property would be determined on the date you inherited. The basis would be the Fair Market Value or the property when you inherited. You would be able to claim any foreign taxes paid as a credit on Form 116.