Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

My wife holds dual citizenship in both Ecuador and the US.

Customer Question
Hi there. My wife...
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: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
10/13/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,391
Experience: Certified Public Accountant
Verified

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

Ask Your Own Tax Question
Customer reply replied 1 year ago
Still there?
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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

Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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.

Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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

Ask Your Own Tax Question
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,391
2,391 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
My question is: Is the foreign tax credit 100% Offset to the
Hi, my question is: Is the foreign tax credit 100% Offset to the Alternative Minimum Tax, if there are only foreign income? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
I would like to open a business:to prepare tax returns for
Hello! I would like to open a business:to prepare tax returns for non resident,more exactly for students who come on a J1 -Visa ("Summer Work and travel" programme=where they work for aprox 3 months i… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
What are the Qualifications to be a Tax Preparer in New York
What are the Qualifications to be a Tax Preparer in New York Area Also any educational requirements for PTIN & EFIN renewal and opening your own Tax Preparer Business ?… read more
Carter McBride
Carter McBride
LLM
239 satisfied customers
I use money credit cards with low APR offers and 3% - 4%
I use money credit cards with low APR offers and 3% - 4% transactions fee to invest in stocks. It may be a different batch of money but I keep circulating the credit card debt like that and don't sell… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
I'm planning on wholesaling properties in the US and would
i'm planning on wholesaling properties in the US and would like know if it's nessessary to set up an entity (LLC, C-Corp) as I won't physically own any property? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
Thanks Chad. I was hoping to use that additional income
Thanks Chad. I was hoping to use that additional income (would be around 200-300 USD per month after I pay my mortgage) to put it in a retirement plan. In general, what do you recommend I do to save t… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
I used to work for Hewitt as a tax preparer and figured
I used to work for Jackson Hewitt as a tax preparer and figured while I carried a simple insurance for "error and omissions" they had a larger umbrella insurance to cover me for larger million dollar … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
Is inheritance income from Germany subject to US taxes?
Is inheritance income from Germany subject to US taxes? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Im considering whether or not to use our premium tax credits
im considering whether or not to use our premium tax credits in advance to pay for health insurance. we are eligible, but im worried our refund will be significantly less if we choose to do so we are eligible to receive about $650/month to pay the premuim … read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
Our tax preparer messed up our taxes two years in a row -
Hi - Our tax preparer messed up our taxes two years in a row - first by putting social security payments for both my husband and me under my social security number only in 2015 (which we JUST found ou… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
Can I report rental income in my tax return on a property
Can I report rental income in my tax return on a property thar is owned by my father? He does not live in the US is not a US citizen and can sign a document to allow me to receive the rental… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
I want to sell a property and use the section 1031 tax
I want to sell a property and use the section 1031 tax exchange … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Lane, I've read that taxes need to be prepared in the basis
Hi Lane, I've read that taxes need to be prepared in the basis they're kept. I have a client that is a cash basis tax payer for the IRS, but an accrual basis tax payer for Florida sales tax. I also he… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
My tax preparer is with Liberty Tax, and filed incorrect
Hi. My tax preparer is with Liberty Tax, and filed incorrect returns without my knowledge or significantly … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Second opinion] I used an on line tax preparer, and they
Second opinion] I used an on line tax preparer, and they sent me my tax return. The tax return had an error now the IRS wants me to pay for that error when it's the pa … read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
I used an on line tax preparer, and they sent me my tax
I used an on line tax preparer, and they sent me my tax return. The tax return had an error now the IRS wants me to pay for that error when it's the pa … read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
2,391 satisfied customers
I have a question regarding my tax preparers use of
I have a question regarding my tax preparers use of rent/storage. IMy wife and i are a partnership for all purposes. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
2,391 satisfied customers
Can franking credit on an Australian income tax return be
Can franking credit on an Australian income tax return be used on Form 1116 as tax paid on the franked distributions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x