Taxpayer has owned a residence in France he built 35 years ago.....He wants to sell for $175,000 and his cost is about $75,000. Family members have occupied the home for the last several years after taxpayer moved to the USA and became a US citizen....My understanding is there is no taxes due in France since he has owned it more than 32 years. But does the taxpayer owe US taxes on this foreign asset and if taxed would it be at capital gains rates? Thanks in advance...Duane E. Anderson
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