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myunglee님이 2011-11-21 09:32:08.0에 쓰신글
>I KNEW THE NEWS NOV. 5. 2011.
>I SOLD THE HOUSE JUNE.2011 IN KOREA.
>THIS COM. DOESN'T WRITE KOREAN. I'M SORRY.
>HOW I REPORT THE SOLD HOUSE TO IRS?
>PLEASE, HELP ME.
>I CANNOT SLEEP.

"I SOLD THE HOUSE JUNE.2011 IN KOREA.HOW I REPORT THE SOLD HOUSE TO IRS?"--->I assume that you are either an US citizen or a US resident, then, on our US tax return,both federal and state returns, I mean, you must report your worldwide income; you are subejct to US taxes on your US income and world wide income. Sale of property overseas will be reported on schedule D of 1040. However, you can claim foreign tax credit by filing form 1116 on Form 1040 line 47  or you can claim foreign tax deduction on SCh A of 1040 line 8. If the property you are selling was your main home and you meet certain requirements, then you can exclude gain of up to $250,000( half million dollars as MFJ status). In that case you do not even report the sale on your tax return. However, you can claim your foreign tax credit on your federal return , NOT on your state return.What I mean is that your long tern capital gain tax is subject to double taxation on your state return.As you disposed of your residence overseas in 2011, you need to report it on your 2011 return. If you bring the money exceeding $100,000 from abroad, you must file Form 3520 within 90 days of a reportable event.Otherwise, no reporting is required on the wire transfer.Form 3520 helps the IRS track the flow of money between the US and other countries. This is an informational return, not a tax return because these events aren't taxed.