IRS question

[The Godfather]

Hey,

I've been researching this for a while, trying to find a source with a bit of useful information. But even the IRS.gov site doesn't clarify my question fully (or I may have missed it).

If a U.S. Citizen were to go abroad and spend thousands of dollars in a purchase/land/car etc. which forms have to be filed and how is the information to be presented back to the U.S. in front of the IRS?

Would appreciate it if you could point me in the right direction.

Update:

Filling out TurboTax and I've spent over 3 hours looking for help regarding this issue.

Thing is, I'm a self employer (LLC) so I'm filing both Business & Personal taxes. I just can't find where to write this off (under Personal, as this isn't a business expense), considering I made a property investment overseas last year.



You can try the stickied tax thread.
Admin allisolm

 

[highland145]

The God Father doesn't worry about forms.

 

[geno]

Just make them an offer they can't refuse.

 

[Born2bwire]

I never gave it a thought...

I just tell them that I made less than the taxable limit and no I don't want to contribute to the CREEP fund.

 

[Nik]

http://www.irs.gov/localcontacts/index.html

http://www.irs.gov/help/article/0,,id=96730,00.html

Took me about 4 seconds.

 

[chusteczka]

http://www.irs.gov/help/article/0,,id=96730,00.html.

Topical index to Forms, Instructions, and Publications

Foreign Tax Credit - Form 1116
Publication 514 - Foreign Tax Credit for Individuals

Canada
Disclosure
Filing Information/Requirements
Treaty: Tax Treaty

 

[kranky]

Let me make sure I understand. You are using your already-taxed US income to buy something in another country? I don't know why the IRS would care about that. It would be different if you had a bank account in another country.

 

[The Godfather]

Filling out TurboTax and I've spent over 3 hours looking for help regarding this issue.

Thing is, I'm a self employer (LLC) so I'm filing both Business & Personal taxes. I just can't find where to write this off (under Personal, as this isn't a business expense), considering I made a property investment overseas last year.

 

[mcmilljb]

Filling out TurboTax and I've spent over 3 hours looking for help regarding this issue.

Thing is, I'm a self employer (LLC) so I'm filing both Business & Personal taxes. I just can't find where to write this off (under Personal, as this isn't a business expense), considering I made a property investment overseas last year.

Have you tried contacting them for assistance?

 

[kranky]

If it's a personal expense, what would there be to write off? I still don't understand why this is a tax issue.