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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
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
