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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
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.
