property sold abroad

[fcrist]

I relocated to US in 1998 from Europe. When I came to US, I left a property behind, which I inherited. I recently sold the property and paid all local taxes in the country of origin. Now I want to transfer my money in a US bank.
Does the IRS expect me to pay taxes for the money ?

Thanks!
F.

 

[Snipes5]

If you are a US Citizen or permanent resident, or are treated as such for tax purposes, then yes.

Snipes

 

[fcrist]

It doesn't make sense...

Say I bought that property with the money I earned in Europe. It is impossible to find the basis for that property as it was bought many many years ago, when a different monetary system was in place. This idea of taxing on capital gains works well in US where everything is documented, but there are other countries where you can't get that documentation all the time.
I could also very well say that the money did not come from any sale, and they were my life long savings that i didn't bring with me in the US when I relocated here.

 

[Snipes5]

You can do whatever you like.

You asked about the tax code. I answered.

 

[fcrist]

Appreciate it

... and I appreciate it!

I just had to vent some of the frustration to the incomplete and un-inforcible law...