As a green card holder, if I buy property abroad do I have to report it on my US taxes?

Foreign property ownership definitely needs to be reported on your US taxes as a green card holder. The US taxes its permanent residents (and citizens) on worldwide income and requires disclosure of certain foreign assets. Even if you're not generating rental income from the property, you'll likely need to file a Form 8938 (Statement of Specified Foreign Financial Assets) if the value exceeds certain thresholds. For a single filer living in the US, that's generally when the value exceeds $50,000 at the end of the tax year or $75,000 at any time during the year. You may also need to file an FBAR (FinCEN Form 114) if your foreign financial accounts, including any bank accounts you might open in that country for the property purchase, exceed $10,000 at any time during the year.

I was in the exact same boat last year - green card holder who bought a small apartment in my home country. I spent weeks trying to figure out all the reporting requirements and kept getting confused until I found https://taxr.ai which was a huge help for sorting through all this international property confusion. I uploaded my foreign purchase documents and they explained exactly which forms I needed (yes to Form 8938, no to FBAR for just the property) and walked me through the reporting process. Their system specifically handles situations with foreign assets and international tax complications that regular tax software often misses.

Just wanted to follow up about my experience with taxr.ai after trying it based on the recommendation. It was incredibly helpful! I was worried about all the foreign asset reporting as a green card holder but they made it way simpler. The document analysis caught several things I would have missed about reporting thresholds for my specific situation. They explained that while the property itself isn't reportable on FBAR, the associated foreign bank account I opened for property expenses did require reporting. Also got clear guidance on Form 8938 requirements and the currency conversion documentation I needed to maintain. Definitely worth it for peace of mind on international property reporting.

Green card holder here who's been through IRS questions about foreign property. When they started asking questions about my overseas condo, it was a nightmare trying to get someone on the phone at the IRS. I ended up using https://claimyr.com to get through to an actual IRS agent instead of waiting for hours. You can see how it works here: https://youtu.be/_kiP6q8DX5c They basically hold your place in the IRS phone queue and call you when an agent picks up. Saved me literally hours of hold time, and I was able to get clear answers about my Form 8938 filing for my foreign property. The agent confirmed I was filing correctly and prevented what could have been a really expensive mistake.

I'm here to say I was completely wrong about Claimyr. After my skeptical comment, I decided to try it anyway since I was desperate to talk to someone at the IRS about my foreign property reporting situation as a green card holder. To my surprise, it actually worked perfectly. I got a call back within 40 minutes saying they had an IRS agent on the line. The agent was super helpful about clarifying my Form 8938 requirements for the property I just bought in Brazil. Turns out I was overthinking some aspects and could have gotten in trouble for underdisclosing others. Definitely worth it for the peace of mind and saved me from potential issues down the road.

Don't forget that beyond the FBAR and Form 8938, depending on how you structure the ownership of the foreign property, you might also need to file Form 5471 if you create a foreign corporation to hold the property (common in some countries), or Form 8865 if it's a foreign partnership, or Form 3520 if a foreign trust is involved. The reporting requirements can get really complicated depending on the legal structure!

I'm also a green card holder with property back in my home country. One thing nobody mentioned - watch out for that FATCA letter from your foreign bank! When I opened an account for my property expenses, the bank found out I had US tax residency and sent me a fat compliance packet. Had to sign all kinds of forms and my account info gets reported directly to the IRS now.

Just to add another perspective as a green card holder who went through this - don't forget about state tax implications too! Some states have their own foreign asset reporting requirements that are separate from federal forms. I bought a small apartment in Europe a few years ago and while I handled the federal Form 8938 correctly, I almost missed that my state (California) had additional disclosure requirements for foreign investments. Each state is different, so definitely check with your state's tax authority or a tax professional familiar with your specific state's rules. Also, keep really good records of the purchase price, any improvements you make, and the exchange rates on all transaction dates. If you ever sell the property, you'll need all this for calculating capital gains/losses on your US return. The IRS documentation requirements for foreign property transactions are pretty strict.

As someone who recently went through this exact situation as a green card holder, I can confirm that yes, you'll likely need to report the foreign property purchase even if it's just for personal use. The key thing to understand is that the US taxes based on your tax residency status (which includes green card holders), not just where the property is located. Here's what I learned from my experience: If the property value exceeds the Form 8938 thresholds ($50,000 for single filers living in the US), you'll need to report it. Even if it's below that threshold, it's smart to keep detailed documentation of the purchase price, transaction dates, and exchange rates used - you'll thank yourself later if you ever sell or if thresholds change. One practical tip: when you're ready to make the purchase, consider consulting with a tax professional who specializes in expat/green card holder situations before completing the transaction. They can help you structure things properly from the start and avoid any compliance headaches later. The reporting requirements can seem overwhelming at first, but once you understand what applies to your specific situation, it becomes much more manageable. Also, don't forget to factor in any foreign bank accounts you might need to open for the property - those could trigger separate FBAR reporting requirements if they exceed $10,000 at any point during the year.