Taxes on Land Sold Overseas
I owned a land overseas which I recently sold. The land was a gift from my father. I do not owe any income taxes in the country because I owned it for many years. It used to be my home country where I was born. However, now I'm a resident of the US and I've lived here for many years. I'm not sure if I owe any income taxes on the money received from the sale when I transfer the money here or even if I do not transfer the money. If so, are there any strategies to postpone the taxes (like 1031 exchange, etc.). Thank you!