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levr
levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 28343
Experience:  Working for a large tax preparation service
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How much is the capital gain tax property located

Customer Question

Hi,
How much is the capital gain tax for a property located in Phoenix, AZ, owned by a Canadian investor in real estate?
Thanks,
John
Submitted: 9 months ago.
Category: Capital Gains and Losses
Expert:  levr replied 9 months ago.
Gains and losses from the sale or exchange of U.S. real property interests (whether or not they are capital assets) are taxed as if you are engaged in a trade or business in the United States. You must treat the gain or loss as effectively connected with that trade or business.Income you receive during the tax year that is effectively connected with your trade or business in the United States is, after allowable deductions, taxed at the rates that apply to U.S. citizens and residents.You will find tax rate schedule here http://taxfoundation.org/article/2016-tax-bracketsDoes that answer your question?
Expert:  levr replied 9 months ago.
Income you receive during the tax year that is effectively connected with your trade or business in the United States is, after allowable deductions, taxed at the rates that apply to U.S. citizens and residents.You will find tax rate schedule herehttp://taxfoundation.org/article/2016-tax-brackets.I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.