asked

I bought a land 20 years ago in a different country and sold it last year with some profit. The country's currency has devaluated significantly, and I placed the sale proceeds in a CD in that country. The CD is maturing, and I want to transfer the money to the US. I need to know how to report the land sale, whether to report a loss in US dollars for a gain in local currency, which exchange rates to use for cost/proceed calculations, and how to report the CD and its interest.

January 27th, 2023

Sign Up to View Answers

Create an account to view answers and interact with the community!