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.

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Tax Glossary

Accountable reimbursement plan

An employer reimbursement or allowance arrangement that requires you to adequately substantiate business expenses to your employer, and to return any excess reimbursement.

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