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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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We took out a second mortgage to buy residential property in

Customer Question

We took out a second mortgage to buy residential property in the Philippines. Now we are selling it to buy a residential property in the US. what is the tax implication on this yransaction?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

"residential property in the Philippines" - was it your primary residence?
If not - we need to report the sale transaction and if there any gain - that gain will be taxable

The fact of using proceeds to purchase another residential property in the US is not relevant.

Let me know if you need any help with reporting.