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Hopefully please. It is regarding international tax. I am a

Customer Question
hopefully please. It is regarding...
hopefully please. It is regarding international tax.
JA: The accountant will know how to help. Please tell me more, so we can help you best.
Customer: I am a New Zealand Citizen with an American Green Card and have lived in the United States for 23 years. I purchased an apartment in New Zealand some 15 or more years ago and just recently sold it. I would like to transfer the money over to my bank account in the States. Will I be taxed on this?
JA: Is there anything else important you think the accountant should know?
Customer: I did not make any money on the sale.
Submitted: 1 year ago.Category: Tax
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Answered in 48 minutes by:
11/15/2016
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 year ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 482
Experience: Former IRS Revenue Agent
Verified

Dear Customer,

Usually, a resident alien residing in the U.S. is taxed with worldwide income.

https://www.irs.gov/individuals/international-taxpayers/taxation-of-resident-aliens

However, based on the tax treaty signed between the U.S. and New Zealand, the income from the real estate property is reported to the State where the real property is located. That is, you should report income and income tax of the sale of that property to New Zealand.

The website link and citation are for your further reference.

Please feel free to follow up.

Regards,

Fiona

Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP

https://www.irs.gov/pub/irs-trty/newzld.pdf

ARTICLE 6

Income from Real Property

1. Income derived by a resident of a Contracting State from real property (including income from agriculture or forestry) situated in the other Contracting State may be taxed in that other State.

2. The term "real property" shall have the meaning which it has under the law of the Contracting State in which the property in question is situated. The term shall in any case include property accessory to real property, livestock and equipment used in agriculture and forestry, rights to which the provisions of general law respecting landed property apply, usufruct of real property and rights to variable or fixed payments as consideration for the working of, or the right to work, mineral deposits, sources and other natural resources, ships, boats and aircraft shall not

be regarded as real property.

3. The provisions of paragraph 1 shall apply to income derived from the direct use, letting, subletting or use in any other form of real property.

4. The provisions of paragraphs 1 and 3 shall also apply to the income from real property of an enterprise and to income from real property used for the performance of independent personal services.

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Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
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