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Submitted By: someone
Answered: April 19, 2023 4:42 am
Answered: April 19, 2023 4:42 am
I’m a U.S. citizen. I sold property in Jamaica that I’d owned for years. What are the tax implications of this sale?
U.S. citizens are taxed on their worldwide income. They must figure gain or loss on the sale of foreign real property. If the foreign property is a residence, the home sale exclusion may apply. Note: If foreign taxes are paid on the sale, this may trigger a deduction or credit for those taxes.
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Tax Glossary
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
