If you are considering selling your foreign property, don’t forget to take into account the impact on capital gains! David McKeegan explains capital gains tax rates and how you calculate your gain.
“Hi, everybody. I’m David McKeegan with Greenback Expat Tax Services. Our question today is around the capital gains impact of selling a foreign property. As you probably already know as a US citizen, you have to report all your income and capital gains on your tax return each year, and selling a foreign property is included in that.
Any gain would be reported on your Schedule D. The way you calculate if you have a gain is you look at the purchase price and the exchange rate on the date you bought the property, and you look at the sales price and the exchange rate on the date you sold the property. You convert everything to US dollars, and that will show you if you have a gain or a loss on the property.”
Read the full transcript right here: http://www.greenbacktaxservices.com/blog/capital-gains-impact-selling-foreign-property
For more information on the financial impact of selling YOUR foreign property contact our expat tax experts today. http://www.greenbacktaxservices.com/contact