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We took out a second mortgage to buy residential property in

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the Philippines. Now we are...
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
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Answered in 5 minutes by:
3/9/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
Verified

"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.

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