john[at]hokykoky.com (John) writes:

- quote -

See IRS Publication 523. You will probably have no taxable
income from the sale, and there is no tax on the act of
moving money out of the US.

Phil Marti
Topeka, KS

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John wrote:

- quote -

With the caveat that I do not know of any changes that might
impact a non-citizen in certain situations (though I find it
hard to believe a treaty would yield a *worse* result <grinand I don't know of any limitation on this issue for
noncitizens):

Repurchase no longer matters for U.S. purposes, and Section
121 would generally allow you to exclude up to $250,000 in
gain from taxation if the property were owned by you for 2
of the last five years before the date of sale *AND* used as
your principal residence for a similar period of time.

Assuming you owned it and used it for the entire 6 years,
this shouldn't be a problem. Even if you took all of the
funds and, before leaving the U.S., bet them all on one
(nonwinning) number on a roulette wheel in Las Vegas <grinso you could no longer reinvest it in anything.

--
Ed Zollars, CPA
Phoenix, Arizona

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If I return to Europe after 6 years in the US and sell my
house which has appreciated by about $200K, will I be able
to take that money out of the US without it being taxed? My
intent is to invest it in a proporty as soon as I get back
to Europe. Any advice appreciated.

Thanks

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