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Capital gains tax on piece of foreign property

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  • Capital gains tax on piece of foreign property

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    Last edited by pistolpete; 01-26-2020, 09:30 PM.

  • #2
    1031 exchange will delay/avoid tax on property in the states but you'll have to ask a CPA if that also applies to property outside of the country.

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    • #3
      Seems like a question for a CPA or tax lawyer. I wonder if Bogleheads.org might cast a wider net in terms of number of members with this level of knowledge.

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      • #4
        Are the 2 individuals who gifted you the property nonresident aliens?
        Financial planning, investment management and CPA services for medical and high-income professionals | 270-247-6087

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        • #5
          "ORIGINAL market value when both individuals acquired the property"
          It would be the original Cost Basis. In some countries, "The fair market value of both pieces of property are written down on the document on the date the property was gifted to me (worth about $350,000)." the basis maybe on the original property record that parents used. You might even be able to get some property tax records from when they purchased it. The point is, for property 20 years is not ancient, the sooner the better. You also may run into capital gains in the location of the property when you sell it. " Is there a capital gains tax in Mexico?
          Straight 25% of the gross amount of the sale. Capital gains taxes paid in Mexico by Canadians and U.S. citizens are not subject to double taxation back home. The acquisition tax of 2% at the time of purchasing is an approved deduction.Dec 3, 2018 Foreign assets are not easy.



          Tax wise? The IRS website has specific directions regarding the basis of foreign assets received as a gift.

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          • #6
            Again,pistolpete, if I had some more info, I could be helpful.
            Financial planning, investment management and CPA services for medical and high-income professionals | 270-247-6087

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