Submitted By: someone
Answered: April 19, 2023 4:42 am

I’m a U.S. citizen. I sold property in Jamaica that I’d owned for years. What are the tax implications of this sale?

U.S. citizens are taxed on their worldwide income. They must figure gain or loss on the sale of foreign real property. If the foreign property is a residence, the home sale exclusion may apply. Note: If foreign taxes are paid on the sale, this may trigger a deduction or credit for those taxes.

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Tax Glossary

Section 457 plan

Deferred compensation plan set up by a state or local government, or tax-exempt organization, which allows tax-free deferrals of salary.

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