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Submitted By: someone
Answered: April 26, 2018 9:54 pm
Answered: April 26, 2018 9:54 pm
I’m a U.S. resident who sold real estate in a foreign country. Is this taxable to me?
U.S. citizens and residents must pay tax on their worldwide income. There is a limited exclusion for earned income (up to $103,900 in 2018), but there is no exclusion for gain on the sale of property abroad.
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Tax Glossary
Keogh plan
Retirement plan set up by a self-employed person, providing tax-deductible contributions, tax-free income accumulations until withdrawal, and favorable averaging for qualifying lump-sum distributions.
