Investing in DC Zone assets.
Beginning in 2003, investments in District of Columbia Enterprise
Zone (DC Zone) assets held more than 5 years will qualify for a
special tax benefit. If you sell or exchange a DC Zone asset at a
gain, you will not have to include any qualified capital gain in your
gross income. This exclusion applies to an interest in, or property
of, certain businesses operating in the District of Columbia. For more
information, see Publication 954,
Tax Incentives for Empowerment
Zones and Other Distressed Communities.
Dispositions of U.S. real property interests by foreign
persons.
If you are a foreign person or firm and you sell or otherwise
dispose of a U.S. real property interest, the buyer (or other
transferee) may have to withhold income tax on the amount you receive
for the property (including cash fair market value of other property,
and any assumed liability). Corporations, partnerships, trusts, and
estates may also have to withhold on certain U.S. real property
interests they distribute to you. You must report these dispositions
and distributions and any income tax withheld on your U.S. income tax
return.
For more information on dispositions of U.S. real property
interests, see Publication 519,
U.S. Tax Guide for Aliens.
Foreign source income.
If you are a U.S. citizen with income from dispositions of property
outside the United Staters (foreign income), you must report all such
income on your tax return unless it is exempt from U.S. law. This is
true whether you reside inside or outside the United States and
whether or not you receive a Form 1099 from the foreign payor.
Photographs of missing children.
The Internal Revenue Service is a proud partner with the National
Center for Missing and Exploited Children. Photographs of missing
children selected by the Center may appear in this publication on
pages that would otherwise be blank. You can help bring these children
home by looking at the photographs and calling
1-800-THE-LOST
(1-800-843-5678) if you recognize a child.
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