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My husband is a resisdent alien , age 68 he owned a house

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My husband is a...
My husband is a resisdent alien , age 68 he owned a house in foreign county . He
sold the house last year.. money remains in foreign bank account.. he has been transfering money electronically to US bank.
Is this reportable income.
Submitted: 7 years ago.Category: Tax
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Answered in 23 minutes by:
9/1/2010
Tax Professional: RD, Certified Public Accountant (CPA) replied 7 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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RD :

Gain on sale of the home last year will be reported on your US income tax return and be taxable in US. You will get a credit for the foreign tax that you paid in that country so to some extent you will not be taxed twice on this gain.

RD :

Money that you bring into the US from the sale will not be taxable.

RD :

Gain will be calculated as sale price less selling expenses less cost of the house less improvements, if any.

RD :

I presume this was not a rental property.

RD
RD, Certified Public Accountant (CPA)
Category: Tax
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