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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1644
Experience:  Certified Public Accountant
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My wife holds dual citizenship in both Ecuador and the US.

Customer Question

Hi there. My wife holds dual citizenship in both Ecuador and the US. She sold a piece of land in Ecuador and paid taxes there and we were told she would not need to pay taxes here in the U.S. Is this true?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: It was a piece of property she held for 40+ years and sold probably 2 years ago. Undeveloped land
JA: Is there anything else important you think the Accountant should know?
Customer: I believe she paid around $1400 for the property and sold it for $400,000
Submitted: 6 months ago.
Category: Tax
Expert:  Mark Taylor replied 6 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Customer: replied 6 months ago.
Still there?
Expert:  Mark Taylor replied 6 months ago.

Yes, I am sorry. I had to step away.

Expert:  Mark Taylor replied 6 months ago.

As a US citizen you are required to pay tax on your world wide income. Therefore you would need to report the gain from the sale of the land. You would receive a tax credit for any taxes that you paid on the Sale.

Expert:  Mark Taylor replied 6 months ago.

Does your wife have any or have control of any accounts in Ecuador that have $10,000 or more in them?

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