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Hi all,

My parents gave me (bequeathed) a real estate property in France 6 years ago.

Today, I want to sell it at a price a little lower than the donation price, which means I will have to pay ZERO taxes to France.

I just received my green card and I'm a french citizen. How is that going to work with my taxes / FATCA / FBAR?

Thank you,
 

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You still have to report the sale - but given that your "basis" is the donation price (i.e. the market value on the date of the donation), you'll have a loss on the sale and owe no taxes to the US either. (If you had a gain on the sale and that was taxable in France, you would claim a Foreign Tax Credit against any tax generated by the sale on your US returns.)
Cheers,
Bev
 
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