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sale of foreign property

Highlighted
Level 2
last updated ‎January 07, 2020 5:30 PM

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

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Highlighted
Level 15
last updated ‎January 07, 2020 5:30 PM
Yes, if not on 4797 as a rental.

ex-AllStar
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Level 15
last updated ‎January 07, 2020 5:30 PM

And if your client settled a foreign currency denominated mortgage, there may also be a reportable §988 gain.

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