Durham, NC asked in Tax Law for North Carolina

Q: Ask TAX question for selling apartment oversea (<240k)

I came to USA 20 years ago, and I bought an apartment oversea before I came to USA, I hold green card 5 years ago, I became to be USA citizen this year. I never own a house in USA since I came to USA, and I rent apartment all the time. I sold the apartment and got less than $ 240,000 this year and have already paid tax to foreign government. I would buy a house in USA.

Do I have TAX issue with USA government for selling that apartment?

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1 Lawyer Answer
Michelle D. Wynn
Michelle D. Wynn
  • Tax Law Lawyer
  • Melbourne, FL

A: You will need to declare the income on your 2018 income tax return when you file it next year. If the money was held in a foreign bank or other account, you may also have other filing obligations such as a requirement to file an FBAR or an IRS Form 8938. I suggest you use a professional to prepare your 2018 income tax return and any other required documents. Make sure that the person is experienced in handling foreign income and assets, as this is a very specialized area of tax law.

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