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xnssk
October 25, 2023
Question

Property in foreign country

  • October 25, 2023
  • 1 reply
  • 0 views

If I purchase a property in foreign country, do I need to report on tax? what forms do I need?

1 reply

R
RSUMan
October 25, 2023

No, the mere ownership of property in a foreign country does not trigger a reporting requirement.

I assume you are referring to real estate.  When you sell the real estate, then you do report the gain or loss.

 

If you have a foreign bank account, you must make a filing if the amount in the account exceeded $10,000 during the year.  The form is called FBAR and you complete it at www.fincen.gov.

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