How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3368
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

I am a US citizen and permanent resident. I sold a small

Customer Question

I am a US citizen and permanent resident. I sold a small property in a foreign country which I co-owned.
I would like to know if I owe taxes in US.
Submitted: 11 months ago.
Category: Tax
Expert:  Barbara replied 11 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

As a U.S. citizen, you are required to report and pay tax on your worldwide income. You will report the sale of the property and pay any tax due on your U.S. tax return. You will also receive a credit for any taxes paid to the foreign country for the sale.

You will pay capital gains tax, if any, based on the difference between your basis (what you paid for the property) and the selling price.

For example, if you purchased the property for $50,000 and sold if for $75,000, you will pay capital gains tax on $25,000. In your case, if you co-owned the property with someone else 50/50, you will report half the basis, half the sales price and pay capital gains tax on half of the difference.

Please let me know if I can assist you further.

Thank you and best regards,


Expert:  Barbara replied 11 months ago.

Just following up with you to see if you have any other questions or concerns. If so, please let me know, and I will be happy to assist you further.

Best regards,