milkman
Level 3

Client owned property in foreign country since 2001.   Sold it in 2019.  Is this reportable on schedule D?

0 Cheers
George4Tacks
Level 15
Yes, if not on 4797 as a rental.

Here's wishing you many Happy Returns
itonewbie
Level 15

And if your client settled a foreign currency denominated mortgage, there may also be a reportable ยง988 gain.

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Still an AllStar