League City Texas Form 1041 (Schedule D) 2024-2025

League City Texas Form 1041 (Schedule D): What You Should Know

For the most recent tax year, there is still no requirement that a taxpayer report gains from the sale of a foreign residence and no requirement for the taxpayer to report gain on sale of property outside the U.S. The new IRS policy is that a “specified foreign asset” must have been held for 2 years immediately before the foreign residence was sold or a qualified farm business was sold. There must have been a loss or gain associated with the sale. The new IRS policy is that a “specified foreign asset” must have been held for 2 years immediately before the foreign residence was sold or a qualified farm business was sold. There must have been a loss or gain associated with the sale. In 2016, the IRS issued a guidance that a specified foreign asset is a property as defined by Treasury Regulations Section 1.921-4(j)(13). Thus, no more exempt real estate. Section 1.921-4(j)(13) “For the purposes of this section, a specified foreign asset is a property that is a specified foreign monetary instrument, real estate, or other specified tangible property if the specified foreign monetary instrument, real estate, or other specified tangible property is situated on property located outside the United States that meets both of the following requirements: (1) the property is listed on the SIC code or equivalent of an SIC in the Code of the specified foreign country that is assigned or assigned to that asset by the issuer in the form of a certificate (or a bond, debenture, note, or similar negotiable instrument), or (2) the property is in the country or island specified in a statutory declaration of or instrument in existence under that section of the Internal Revenue Code that is either a treaty with the United States or a treaty of the United States or a non-treaty agreement with the United States.” The IRS also released guidance on August 31, 2018, clarifying the definition to limit the ownership of specified foreign assets to two years after divestiture. Also, from IRS Notice 2008-34, (October 28, 2006), section 1.

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