Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

My wife is a US citizen and owns a house in Thailand where…

Customer Question
My wife is a...

My wife is a US citizen and owns a house in Thailand where her mother lives. My wife lives in Fla. if she sells the home will there be a capital gains tax and at what rate

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Not much more to tell

Submitted: 2 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/27/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,056
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago

She will need to report the sale. The gain on the sale is the part that is taxable.

Gain is the difference in cost plus improvements and the sale price less cost to sale. The tax rate is determined by the total income in the year of the sale. It could be 0% to 20%, depending on your tax bracket.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Tax Question
Customer reply replied 2 months ago
is the amount of gain included in income to determine tax bracket ? any exclusion amount
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago

Yes it is. No exclusion on a home that is not your main home unfortunately.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,056
18,056 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,056 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
To find out what are the new Capital Gains tax rates on real
Hello, Im Trying to find out what are the new Capital Gains tax rates on real estate property that is purchased and then eventually sold. … read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
What is the 2018 Federal capital gains tax rate for married
What is the 2018 Federal capital gains tax rate for married filing jointly with combined incomes of <$325K? Also, same question for California. We are selling our home and expect a capital gain of … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
Will capital gains on an annuity (it will change my tax
Will capital gains on an annuity (it will change my tax bracket) affect my social security more than the one year ? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,045 satisfied customers
IRS tax question: Say my income before capital gains is
IRS tax question: Say my income before capital gains is $400,000 and after capital gains is $250,000, do the capital gains get 20% treatment and the rest of the income get the lower treatment from $0-… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
Are we able to adjust our Taxes with capital gains used for
Are we able to adjust our Taxes with capital gains used for college … read more
abci168
abci168
Principal
27 satisfied customers
I have a question about -term capital gain tax rate for 2018
I have a question about long-term capital gain tax rate for 2018 for an investment property … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
I used a calculator to figure capital gains tax on the sale
I used a calculator to figure capital gains tax on the sale of my rental property in CA... do the figures look reliable? I am a hawaii resident. Will there be other taxes due besides capital gains? Th… read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
Must file a 1041 what are the tax rates? estate got a1099r
estate got a1099r for a deferred annuitiy for $10,690.84 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about term capital gain tax rate for 2018.
I have a question about long term capital gain tax rate for 2018. I bought a commercial property under my name and held on to it for 4 years. I sold it in January 2018. I filed my income tax return fo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
Iowa Income Tax. Is 100% of capital gains on the sale of a
Iowa Income Tax. Is 100% of capital gains on the sale of a rental property deductible if the requirement is met for hours spent for management of the property? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
Tax rate on stored company property in Theodore, Alabama and
Tax rate on stored company property in Theodore, Alabama and do you pay property tax on 100% of the value. (Stored off shore oil and gas equipment/tools)… read more
Robin D.
Robin D.
Senior Tax Advisor 4
18,056 satisfied customers
What is the tax rate of capital gain when I sell the rental
What is the tax rate of capital gain when I sell the rental property in the regular yearly income tax bracket of 10-15%? … read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
GILTI tax. According to new tax bill, what is the tax rate
GILTI tax. According to new tax bill, what is the tax rate for GILTI income of a foreign corporation owned by a US individual?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
18,056 satisfied customers
Is there a capital gain rate for corporations or the
HiIs there a capital gain rate for corporations or the corporation is taxed at the 21% rate as ordinary income ? In other words? if the crop earns only passive income then is it still the 21% tax brac… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,392 satisfied customers
What would the rate of capital gains tax on income property
what would the rate of capital gains tax on income property held for 25 years by an owner who of late had and will have income of less than20,oooIt is also my understanding we (my brother and I) are e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
18,056 satisfied customers
I'm canadian who want to understand capital gains tax rate.
Hi, i'm canadian who want to understand capital gains tax rate.I have a rental house that i bought at 500K. I sold it after 9 yrs at 1100K. With the money, i bought a new house (will be my primary res… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
Estate capital gains tax rate for 61, single, unable to
estate capital gains tax rate for 61, single, unable to work, is claimed as a dependent form sister,only income collects $500 month stipend from gov., which pays for health insurance and meds. is gett… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 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