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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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I bought a home in Singapore back in 1997 for USD435K (based

Customer Question

I bought a home in Singapore back in 1997 for USD435K (based on the exchange rate in 1997) and will sell it for USD638K next month. Legal and relator's fees in Singapore is USD15k. This will give me a net appreciation of about USD188k. I'm assuming that I will be only taxed on the net appreciation and at 15%, my check to the IRS would be about USD28K. I did not earn any rental income on this property that exceeded my mortgage repayment and most of the time 'topped up' the payment. My primary residence is in the US and I have been living here since 1999. I became a US citizen in 2007.
I am looking for someone to prepare my 2011 tax returns next year especially for this situation.
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.


Hi and welcome to Just Answer!
Your situation is a little more complex than you described. I may help you to understand how tax liability determined in your case.
However according to JA policies - answers are for general information, and are not intended to substitute for informed professional advice and do not establish a professional-client relationship.
Thus we may not prepare your tax return or any tax forms.
Please indicate that you understand and agree with that.

Customer: replied 5 years ago.
Relist: Incomplete answer.