2

I've been owning half of the house in Russia before I immigrated to the US and I recently inherited the 2nd part of it. Now I'm thinking to sell it. Should I pay any taxes in the US if I sell it? I'm a US citizen if it matters.

2
  • 1
    Not tax-related, but I wonder if the sanctions against Russia impact your ability to sell it.
    – Barmar
    Aug 8, 2023 at 15:15
  • @Barmar it doesn't impact my ability to sell. It affects only some people who are on their list. It affects my ability to move money to the USA since banks are cut off.
    – Rainmaker
    Aug 11, 2023 at 14:15

1 Answer 1

5

Yes, you'll have to report this on your US tax return and pay capital gains taxes as applicable. Note the step-up basis rules on inheritance that may increase your basis and reduce the taxable gain. Also, make sure you're aware of the requirements for FBAR, Form 8938 and Form 3520. You may also want to look into FTC (Form 1116) if you pay any local taxes on the transaction.

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .