Hello!
If I purchase a home outside of the United States this year, are there any tax implications I should be aware of? For example, I know that FBAR reporting is required for bank accounts, but does it also apply to foreign assets (i.e., a house?). Is there anything I would need to report?
Thank you!
The purchase of real estate abroad doesn't generally have to be reported to the IRS. However, you have to report any transfers of funds over $10,000 that you make to a foreign bank account intending to buy a property abroad, though.
If this is a second personal home you can deduct, to the extent you itemize your deductions, the mortgage interest. Since 2017, you are unable to deduct the taxes.
Thank you for your question @cmallow17
All the best,
Marc T.
TurboTax Live Tax Expert
27 Years of Experience Helping Clients
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