I live and pay taxes in the U.S. and I have a small piece of land in Europe that I will be selling soon.
How will I report this sale on my 2009 U.S. income tax return? How do I deal with the fact that I file my income tax returns in U.S. dollars but the sale of the land will be done in a foreign currency? I don't know much about tax laws, so please try to be as specific as possible.
Thanks.