If I buy land/home outside US (in Canada/Europe/Asia), does I have to report on tax returns?. I didn't see any column?. Please let me know how can I show?.
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If I buy land/home outside US, does I have to report on tax returns?. I didn't see any column?
Mar 14, 2005
4 Replies
No
-- Phil Marti Clarksburg, MD
There is no requirement to report a purchase whether it is located in the US or outside of the US.
-- Alan
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No one reports buying land or homes. You ARE required to report the sale of homes or land where ever they are. And you can use the property tax and interest paid as itemized deductions. Nan, EA in LA
Show what? You don't report the purchase of property as INCOME. Primarily because it's NOT income.....
-- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062
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