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Q: If I buy property in China do I have to report it on my income tax in the U.S.?
Answers (2)
Comments (0)
No, you do not need hold this claim that you have property in china.
If you are even functional criminal in your country, you can buy property without permission of govt. China does't hock up claim on the property what you need or what you have other than outside country.
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12 years 18 weeks ago
Two things:
1.- If you buy property in China, you are exchanging one commodity (cash) for another (new property), your net worth will be the same, so no need to report any change of net worth because you have not increased it or decreased it.
2.- What is Income Tax Report for ?. To report to the government income from all sources, including losses and approved expenses to generate such income. Is buying a house an income to you ? Since it is not, do not report it.
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12 years 18 weeks ago
