1031 exchange foreign capital gains

Dear 1031x.com: I  am about to sell a lot I own in Mexico and I am subject to  Mexican Capital Gains taxes, do I also have to pay taxes on the capital  gains in the USA?

Dear J:  The general rule is that if you pay capital gains tax in another country you will receive credit for that amount on your US income tax. If US tax rates are higher then you will first pay over seas and then pay the difference to the US.  Sincerely,

Steve Hickox
Attorney / President

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