It depends on the your country of origin and its tax laws. Generally, you can keep on owning it, but when you sell, then will have to pay the capital gains taxes. Check with a CPA in the country where you own the land.
It depends on the your country of origin and its tax laws. Generally, you can keep on owning it, but when you sell, then will have to pay the capital gains taxes. Check with a CPA in the country where you own the land.
I own property in a country which has a tax treaty with the U.S.
If you own land/assets in country x, then what-ever income generated
from the land/assets in x you pay tax on in x every year.
When you file your US tax return you add in the income from the land/assets
owned in country x but can take a tax credit for the tax already paid.
In that way, you don't get taxed twice (which is the whole point of a
tax treaty).
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