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Jonathan Tierney
Jonathan Tierney, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 322
Experience:  Tax Accountant at Praxair, Inc.
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Capital gains tax paid on the land located in a foreign

Customer Question

Capital gains tax paid on the land located in a foreign country (South Korea). If the proceed from the sale of that land is brought back to the U.S., how that money is treated under the US income tax law? Is that money exempt from any US income tax?
Submitted: 2 years ago.
Category: Capital Gains and Losses
Expert:  Jonathan Tierney replied 2 years ago.

Hi, my name is ***** ***** my goal here is to provide you with the most complete and accurate answer possible.

The United States taxes its citizen's and permanent residents income worldwide, wherever it is earned. Under U.S. law the taxable event would be the sale of land and would not matter whether the proceeds are brought back to the United States or not, unless the land was owned by a foreign corporation.

The seller of the South Korean land a US citizen, permanent resident, or normally spends a considerable amount of time in the United States? Please let me know so I can clarify anything or answer any additional questions, and I would greatly appreciate positive feedback. Thanks, Jonathan