Tax
My family has property in Europe, Montenegro, that we are considering to put for sale. I know we have to pay the Taxes and so forth on the property over seas but if the moey is brung into the U.S. is their another tax on it?
Asked on 4/24/08, 11:54 am
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Tax
The sale of foreign property by a United States taxpayer is subject to American income tax, however, a credit is allowed for any income tax imposed by the foreign government on the same transaction.
Answered on 4/24/08, 1:09 pm
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