Capital Gains and Losses

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I just have a question about a tax tready, I need

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I just have a question about a tax tready

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I need clarification on capital gains. Article 16 a tready between two countries

Accountant's Assistant: Is there anything else the Accountant should be aware of?

That's it. I just need to be sure they can clarify this article and capital gains

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4/13/2018
bkb1956
bkb1956, Enrolled Agent/Real Estate & Corporate Paralegal
Category: Capital Gains and Losses
Satisfied Customers: 6,696
Experience: 20+ years of experience as a tax preparer; 30+ years of experience as a real estate and corporate paralegal
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Tax treaty between US and what country?

Can you please provide more information about the taxpayer.

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Customer reply replied 4 months ago
Iceland. tready between Iceland and USA article 16 on capital gains

Thank you. Give me a few moments to review it.

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Customer reply replied 4 months ago
I'd prefer to just get an answer here rather then pay an extra $52

Not a problem.

Any offers of phone calls are site generated. You can ignore it.

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Customer reply replied 4 months ago
my question is are they exempt from the capital gains tax if they paid capital gains in iceland and have been in the country (usa) for over 183 days during the tax year/

What type of transaction caused the capital gain?

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Customer reply replied 4 months ago
sale of shares bought and sold in Iceland subject to 25% tax in Iceland

Thank you.

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Customer reply replied 4 months ago
I can even send you teh article
Customer reply replied 4 months ago
I pulled it off the IRS website

Send me the link.

The Tax Treaty provides that:

Paragraph 5 grants to the State of residence of the alienator the exclusive right to tax gains from the alienation of property other than property referred to in paragraphs 1 through 4. For example, gain derived from shares, other than shares described in paragraphs 2 or 3, debt instruments and various financial instruments, may be taxed only in the State of residence, to the extent such income is not otherwise characterized as income taxable under another article (e.g., Article 10 (Dividends) or Article 11 (Interest)).

If they are residents of the US for tax purposes, they would report and pay tax in the US but receive a credit for taxes paid to Iceland to avoid double taxation of the same income.

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Customer reply replied 4 months ago
That's what I thougth. But did you red article 16? or it doesn't matter that's just how it is because this is their state

Capital gains is addressed in Article 13.

https://www.treasury.gov/resource-center/tax-policy/treaties/Documents/teiceland08.pdf

The 1975 tax treaty was replaced by the 2007 tax treaty.

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Customer reply replied 4 months ago
Ha! Ok but they're still being taxed on the gains, and receive credit over time on their returns, right?

That's right.

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Customer reply replied 4 months ago
Sorry, I am paying extra to have a 100% correct answer for the client.
Customer reply replied 4 months ago
Thank you very much for your help. Do I get this chat emailed to me and the link ?

My pleasure.

You can print this screen or cut and paste the conversation into a word document.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

bkb1956
bkb1956, Enrolled Agent/Real Estate & Corporate Paralegal
Category: Capital Gains and Losses
Satisfied Customers: 6,696
Experience: 20+ years of experience as a tax preparer; 30+ years of experience as a real estate and corporate paralegal
Verified
bkb1956 and 87 other Capital Gains and Losses Specialists are ready to help you
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