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I am a U.S citizen of Indian origin. Last year I sold my old house in India. I paid long term capital gains tax in India. Do I have to pay long term capital gain tax in US?

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Answered in 1 hour by:
3/23/2018
Marcia Mitrano
Category: Tax
Satisfied Customers: 62
Experience: Marcia M Mitrano, CPA at Marcia M Mitrano, CPA
Verified

Hello,

As a US citizen, you are taxed on your worldwide income, including the sale of property in India.

You will be able to claim a credit for the taxes paid in India on your US tax return.

Thank you,

Marcia M Mitrano

Marcia Mitrano
Category: Tax
Satisfied Customers: 62
Experience: Marcia M Mitrano, CPA at Marcia M Mitrano, CPA
Verified
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