I understand I need to pay US capital gain taxes for a property (piece of land) that I sold in Europe. I received the property as a gift before I relocated to US and become a US resident/citizen.
What documentation does the IRS require to prove the basis of the property?
I am thinking of the following:
- a translated appraisal of the land at the time I entered in posession (in local currency)
- the exchange rate at the National Bank for the US dollar for that particular day
Will this be sufficient or there are other documents needed?
Thanks!
What documentation does the IRS require to prove the basis of the property?
I am thinking of the following:
- a translated appraisal of the land at the time I entered in posession (in local currency)
- the exchange rate at the National Bank for the US dollar for that particular day
Will this be sufficient or there are other documents needed?
Thanks!