slerickson Posted May 31, 2015 Share Posted May 31, 2015 (edited) I have sold two "main residences" in the U.S. Over time and was not obligated to pay any taxes on gains. My highest gain was a couple hundred thou so maybe if you go over a high value threshold a tax will kick in. Don't know. But the tax is definitely not applicable to worker bee class folks. Edited May 31, 2015 by slerickson Link to comment Share on other sites More sharing options...
SpokaneAl Posted May 31, 2015 Share Posted May 31, 2015 I have sold two "main residences" in the U.S. Over time and was not obligated to pay any taxes on gains. My highest gain was a couple hundred thou so maybe if you go over a high value threshold a tax will kick in. Don't know. But the tax is definitely not applicable to worker bee class folks. If those homes qualified as personal residences, in that you lived in the home for two out of the previous five years, the first $250k ($500k if married jointly) of gain are excluded, no matter what your income. 1 Link to comment Share on other sites More sharing options...
slerickson Posted June 10, 2015 Share Posted June 10, 2015 I was under the impression all US citizens have to file a tax return and pay taxes no matter where they live. London mayor Boris Johnson was chased by the IRS recently for capital gains on a UK proprty sale as he holds dual nationality. I am under the impression that U.S. citizens are not required to file - unless there is taxable income.In my casse, since I am retired and sole income is VA disability, not taxable, I have not filed in this century. If I ma wrong on this I would sure like to know. I'd state my life on it: in your situation the IRS does not want you to file. Link to comment Share on other sites More sharing options...
Soutpeel Posted June 11, 2015 Share Posted June 11, 2015 How is this so different from Thailand ? Stay more than 180 days pa in Thailand only any sort of visa and technically you are resident for Tax purposes in Thailand, the only difference I can see is that the IRS is starting to enforce the rule, where at this point in time Thailand doesn't, and in fact many countries have similar rules, exceed a certain number of days pa in a country and they can chase you for tax if it takes their fancy So nothing new in this OP Link to comment Share on other sites More sharing options...
Soutpeel Posted June 11, 2015 Share Posted June 11, 2015 This is just baloney. As a tourist you can't work anyways, so your income from elsewhere in the world while you're not a US resident doesn't matter. I know a Greek guy who rents his house in Greece, gets money and lives here in the US as an unemployed Retiree and has no need to pay taxes. Your IRS return is not based on how long you stay in the United States. It is based on if you make more than $10500 USD while in the United States or are you a U.S. Citizen living overseas that made $10500 USD or equivalent? It's never been a problem for me.. I don't know why you're so scared about it.. if you have a US green card or citizenship just file your taxes. Your not wholley correct, its to do with residency for tax purposes, in the example cited the person if he exceeds X number of days in the US could be liable for tax for the money from Greece, dependent on any reciprocal tax agreements between the US & Greece, ie if he pays tax on the money in Greece, then chances are he doesn't have to pay in the US, but if he is not paying tax in Greece and resident for tax purposes in the US, then on face value at least the IRS could come after him Don't get residency for tax purposes and residency as regards PR/citizenship confused, they are not the same thing Link to comment Share on other sites More sharing options...
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