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Y
ybsad
Level 2
March 14, 2019

sale of inherited property in asia

  • March 14, 2019
  • 2 replies
  • 7 views

8 children inherited a house that was inherited from deceased parents in 1987.  they sold the property last year.  they paid the required local capital gains.  then proceeds were divided by 8. 

do they need to include sale in their respective tax returns?  

thanks!

This topic has been closed for replies.

2 replies

T
TheBoris
Level 5
March 14, 2019

@itonewbie Can you please help answer this question.  

I will move this question to our Tax Pro Talk since this is not Tax Reform specific.

sjrcpa
sjrcpa
Level 15
March 14, 2019

US citizens have to report their worldwide income on their US tax returns. They may be able to claim a foreign tax credit for tax paid to other country.

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