US resident alien sale of share of UK investment rental property

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  • mikeo24
    Junior Member
    • Sep 2017
    • 6
    #1

    US resident alien sale of share of UK investment rental property

    I have a client who is a US resident alien (green card holder married to a US citizen). He was a part owner of an investment rental property located in London. His co-owners "bought him out" in 2017. How would you report this transaction? Schedule D using Form 4797?
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    • AZUKHiker
      Senior Member
      • Nov 2013
      • 128
      #2
      Treat The Same As A US Sale

      As your client is a US Resident Alien the sale is treated the same as the sale of a US rental property. i.e 4797 through to Sch D.

      Of course also look out for all the usual foreign financial account issues due to the proceeds, i.e. FBAR, Form 8938 etc.

        Comment

        • mikeo24
          Junior Member
          • Sep 2017
          • 6
          #3
          US Resident alien

          Thank you for the FBAR and 8938 reminder!

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