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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience:  15years with H & R Block. Divisional leader, Instructor
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My fiancee in Vietnam would like to have dual citizenship,

Resolved Question:

My fiancee in Vietnam would like to have dual citizenship, US/Vietnam. But, she has approx 1.5 Hectare of land which she's afraid it'll be taxable when she sells it in the future.

Questions:
1) Is there a way to set up so IRS will not consider it taxable?

2)If it's taxable when she sells in the future, what is the cost basis? Is the cost basis based on when she purchased the property or based on when she has the dual citizenship? Let's say if she bought it for 100 and it's currently worth 200, and when she sells it 5 yrs from now, it's 300. Is capital gains 100 (300-200) or 200 (300-100)?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Robin D :

Hello and thank you for using Just Answer,

Robin D :

If the individual is a US person (citizen or resident) their world wide income will be taxable to the US. They would be allowed to use foreign tax credits or any treaty provisions but the sale would be reportable .

Robin D :

Capital gains is on the gain. So, if the property basis is 100 and the sale is 300, the gain is the difference (200)

Customer:

So if she sells it now, and then buys it back, then the gain would be 100 (cost basis being 200)?

Robin D :

If she sold and then repurchased the gain would be the difference in basis (purchased price) and sale

Customer:

Ok, so if she sells it for 200 and buys it back for 200, then her cost basis is 200?

Robin D :

That is correct

Customer:

That is, before she has her dual citizenship.

Robin D :

Yes

Customer:

A

Customer:

and what forms does she needs to report it, Sched D, cap gains?

Robin D :

That is correct, the sale would be reported using Schedule D

Customer:

Ok, thanks

Robin D :

The gain is then carried to the 1040 form

Robin D :

Your positive rating is always thanks enough

Robin D :

I really enjoyed working with you – please feel free to request me again when you come back to ask another question.


 

Robin D :

When you visit your question homepage, you’ll see a link to request me again. This link displays and works whether I am online or offline.


 

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7719
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D.
Robin D.
Tax Professional
7719 Satisfied Customers
15years with H & R Block. Divisional leader, Instructor