Investment in Real Estate held outside of US

[FAdvice]

I plan to sell property held outside of the US. What are the US tax implications of selling the property. I will pay taxes in the country where the property is held.

 

[tranquility]

I plan to sell property held outside of the US. What are the US tax implications of selling the property. I will pay taxes in the country where the property is held.

If you are a U.S. citizen or resident you pay taxes on all your income. The sale of the property would be a capital gain or loss and should be reported. The tax you pay for income that is reported in the U.S. and a foreign country gets a "foreign tax credit". Form 1116 should probably be filled out to report that credit.