Real estate legal question?

Real-estate question. I live in the U.S. I have real-estate (Apt) in a foriegn country?

• 1- do i have to report this real-estate to any where? 2- do i have to pay real-estate tax 3- if i sell this apt. do i pat tax on the profit, also what if i pay tax in that foreign country note; this apt is inherited from my mother and i don't know how much was it when my mother bought it. so i don't know how to calculate the profit thanks

• Answer:

  If you are a US citizen or resident alien, you report worldwide income on your 1040. 1. This includes rental income and capital gain when sold. 2. You can deduct foreign property taxes on schedule A. 3. Your cost bais is the value of the apartment on the day your mother died, if she dies in 2009 or earlier. If your inheritance was worth more than $100,000, you were to report it on IRS form 3520. In the year you sell, if you pay tax to the other country, you can claim a foreign tax deduction/credit.