02-04-2004, 02:54 AM
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 Re: Sale of Foreign Residence pichon wrote: - quote - > I have home in Mexico. I want to sell it. If I sell it, do
If it is not your main home, then any gain is taxable. If> I have to pay taxes on the money I make? I would like to > invest the money I make in the purchase of a new home. it is your main home, you may be able to exclude up to $250K of profit ($500K if joint return) if you can meet certain rules relating to usage and ownership. All is explained in IRS Pub 523, Selling Your Home: http://www.irs.gov/publications/p523/ar02.html Click on Excluding the Gain. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-01-2004, 06:04 AM
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| Sale of Foreign Residence I have home in Mexico. I want to sell it. If I sell it, do I have to pay taxes on the money I make? I would like to invest the money I make in the purchase of a new home. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| foreign, residence, sale |
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