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Property owned in home country

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Filed: K-1 Visa Country: Mexico
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Hi all,

 

My wife is a LPR (removal of conditions pending). She and her family are considering buying a plot of land in her home country and she would be contributing a few thousand dollars. This would be the largest share and the plan is to have it in her name. Since she is still a citizen of her home country does this require any legal action on our end in the US? The plan would be to transfer the few thousand to her or her mom’s account in her home country and they would use that account for the transaction. I assume this would need to be declared in a potential future interview/citizenship application.

 

Thank you!

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Filed: K-1 Visa Country: Mexico
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4 minutes ago, OldUser said:

I don't think this requires disclosing it to USCIS.

 

However, it does need to be reported to IRS.

Thank you for the quick reply. If she contributed the money as a gift to her family and she was left off the deed/transaction would that still be required?

Edited by visaquestion1234
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Filed: K-1 Visa Country: Wales
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IRS could be involved in sales - profit.

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

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Filed: Citizen (apr) Country: Taiwan
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Real estate is not classified as a reportable foreign asset (as are foreign accounts, etc).  However, any income from the rental or sale of that real estate would have to be reported as income. 

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Filed: K-1 Visa Country: Mexico
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1 minute ago, Crazy Cat said:

Real estate is not classified as a reportable foreign asset (as are foreign accounts, etc).  However, any income from the rental or sale of that real estate would have to be reported as income. 

Thank you. I just looked it up quickly and saw the same thing. The land is valued at around $7,000 USD and they are unlikely to sell it. I definitely anticipate reporting it if a sale is ever made however.

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