Have Tax Questions? Ask a Tax Expert for Answers ASAP
No. It was used only by family members. Nobody as been charged a fee.
Thank you for using justanswer. Since you were not using this home as investment or as rental property, then you would report the sale on page 4 of the 1040NR form, and any gain you receive from the sale, after subtracting your cost basis, would be taxed at 30%.
Please see below:
2008 Form 1040NRU.S. Nonresident Alien Income Tax Return
2008 Instruction 1040-NR
Forms and instructions for tax year 2009 are not available yet, but there should be little, if any, change for this particular type of transaction.
I hope this helps.
Thank you for your assistance, Anne. I have a couple of follow-up questions.
1. How do I pay the taxes due?
2. How do I calculate the cost basis? Are condo fees considered to be an expense?