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I sold a property in Mexico. We had money transeferred here…

Customer Question
Hi I sold a...

Hi I sold a property in Mexico. We had money transeferred here in Us. How do I prepare my taxes?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We never claimed anything on this property. We spent a lot over 20 years on it.. Unfortunately the person helping us lost paper work in a flood. Now I'm panicing. We need to show what we paid etc. to help show that capital gains was very little!

Accountant's Assistant: Is there anything else important you think the Accountant should know?

We received some rental money on it, however we still invested so much that our capital gain isn't very big maybe $30,000 max.

Submitted: 22 days ago.Category: Tax
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Answered in 6 minutes by:
4/4/2018
Tax Professional: Lev, Tax Advisor replied 22 days ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,736
Experience: Taxes, Immigration, Labor Relations
Verified

If that property were rented - you do need to report rental activity - such as rental income and rental expenses - ever you net rental income was zero.

To report the sale of rental property - use from 4797.

As you are US person - you need to report that sale transaction regardless if the money are transferred to the US or left abroad.

And regardless how the money were used.

Your gain is calculated as

(selling price) MINUS (adjusted basis)

Your basis is your original purchase price - assuming the property was purchased.

That basis is adjusted by ADDING improvements and SUBTRACTING depreciation for the time the property was rented.
Let me know if you need help with calculations.

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Customer reply replied 22 days ago
This is incomplete. I know to document what we're expenditures but don't know how to document foreign paperwork especially when shady foreign people don't have paperwork documents for me. I need more information and more specifics on documentation. This was far less information than I expected for the fee charged. I could have gotten this with 10 minutes online
Tax Professional: Lev, Tax Advisor replied 22 days ago

I will opt out - let see what other experts may contribute to you request. OK?

Please do not reply - just wait.

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