Submitted By: someone
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.

advertisement
Tax Glossary

Refundable tax credit

A credit that entitles you to a refund even if you owe no tax for the year.

More terms