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I live in the US and purchased an apartment abroad. I transferred 200,000 dollars directly to the seller, so I never opened a bank account abroad. My understanding is that, if no income is generated (I am not renting it), there is no requirement to list on your income tax any property abroad. Do I need to declare anything in the US? My understanding is that actually I don’t need to.

  • Not an accountant, but if you're not getting any gross revenue from it I wouldn't think so. If you pay property tax on it, you might be able to deduct it though. – Kevin Jan 31 at 23:09
  • Is it held in your name directly or a trust, partnership, corporation, etc? – user71659 Jan 31 at 23:14
  • It’s in my name directly – user Feb 1 at 0:43
  • If (you are a US person and) you have a BUSINESS or BANK ACCOUNT overseas, the authorities require you to let them know about it. But interestingly, as you say I think there is NO requirement to let them know about property owned overseas! Good point! – Fattie Feb 1 at 13:08
  • it depends on the property. i.e. in Spain you may have to pay tax on the apartment AS IF (!) you would have rented it out - made to avoid people taking property homes and then not generating any taxes. Abroad covers a whole planet of jurisdictions. – TomTom Feb 11 at 10:41

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