Do you have to pay income taxes on property that you sold overseas?

Answer by  Dean (4035)

Income tax is tax paid on income. Capital gains tax is paid on profits made in the purchase and sale of real estates. There are a number of considerations with regard to capital gain. The matter is complex and complicated and the law changes regularly. Discuss details with your CPA or a tax professional.

Answer by  bunnygirl (779)

There is a particular section of your tax filing that should address any assets obtained through overseas business and/or accounts. The property you sold would fit under that.