Re reporting of foreign property "--where the total cost amount --- any time in 2023 was more than $100K ." Does 'cost amount' mean cost when bought? Or current market $?

In Ontario houses are assigned a valuation by MPAC for tax purposes every few yrs. In State we own condo tax is based on purchase price. We have no 'market value' until we sell. How do I interpret 'total cost amount' in this case?

6753

Moderator

Jun 17, 2024 11:54:16 AM

It is what your foreign property is worth in 2023.

Thank you for choosing TurboTax.

Why sign in to the Community?

Re reporting of foreign property "--where the total cost amount --- any time in 2023 was more than $100K ." Does 'cost amount' mean cost when bought? Or current market $?