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Financial Planning / Tax Strategies
|Subject: purchase foreign property, send money legally||Date: 5/19/2013 10:20 AM|
|Author: jh4986||Number: 118612 of 121572|
I posted this question in fairmark.com though I have not received response yet. Hope it is OK to repost the same question here.
We plan to purchase a retirement home in a foreign country. I understand that we are not required to report the property to IRS, until we sell it.
Below is what I see from IRS website:
Q3. Does foreign real estate need to be reported on Form 8938?
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
My question is: can I simply write a personal check with say, $150,000 USD for the down payment from my checking account? This money is already taxed. Do I need to report this money or fill out any forms? We will have a mortgage and pay monthly payment also.
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