How does the IRS treat rental income earned from foreign property ownership?
83117
Check their website\n\nhttp://www.irs.gov
1186545
Depends upon whether the property is  personal use 14 days a year or more or personal use is 10% or more of the total days rented to others at a fair market value rental.  If either of the above apply, then the normal deductions on Schedule E of Form 1040 will have to be scaled back based on the personal use.  Note that occupancy of the unit while you are repairing or fixing it does not count as personal use, also the 10% rule applies to the time that one can normally rent out the unit, so personal use of a Vail condo in the summer is not a problem, skiing is not popular then.\n\nHaving gotten past the personal use problem, all expenditures on rental property are either deductible in the year paid or depreciable or amortizable over a period of years (I am assuming you a not an accrual basis taxpayer, you will know if you are).  This is in contrast to strictly personal ownership, when only taxes and interest are deductible, and then only if you itemize on Schedule A.\n\nThe rules go strictly downhill from here in terms of understandability to an ordinary mortal, so I will stop here for now.
539420
Any profit you earn from renting or selling the property will be taxable to you.  If you rent the property, you can deduct depreciation as well as operating expenses from the rental income.  If you resell, your profit will be equal to the selling price minus your cost for the property, including any costs incurred to fix it up; any depreciation allowed will reduce your cost.  \n\nIn addition, you may owe real estate taxes to the state or local government.\n\nConsult a tax preparer or accountant for details.
1184514
To qualify for this exemption you must have lived the property as your personal residence for at least 24 month (2 yrs) of the last 5 yrs before the sale date.  You will be entitle to either $250K or $500.K depending on your marital status. I believe even individual owners, even if not married, assuming they meet the above  qualifications are entitle to the exemption---in fact I am pretty sure (Consult your tax attorney nevertheless).\n\nNote: 1031 exchange applies only to investment property, i.e., rentals, and not to personal real estate property.  Always consult your tax man!!!!!!!!!!! Best of luck! \n\nWhere one lives is of no consequence when it comes to federal income tax law unless an Indian reservation...where some federal tax laws may vary.
119075
Call the IRS and ask.  They'll help ya through it all the way.  I was also told that my foreign earned income wasn't taxable becuz my job's church-related...come to find out, that's THEIR country's law, not the US's.  I was lucky enough to find the error and get filed...don't waiste time listening to people who don't really know.
728502
If you are a US resident, living and selling a property in the US, you have one year from the date of sale to buy another, more expensive property, to avoid capital gains taxes.
957787
You claim the rent on your income tax and pay the taxes on it.  List it as rental income.
389087
If you are a U.S. Citizen living outside of the US, you are required to pay taxes.  However, you are able to deduct one of the following: 1) $80,000 of foreign earned income or 2)foreign taxes paid.  If you earned less than $80,000 in a foreign country you will not owe any taxes, but you must file.  Publication 54 (link is below) is the guide that will answer most or all questions related to a US citizen living abroad.
482743
No, if it is your principal residence, and you sell within 2 years.  However, if this is an investment property, and you are using that money to buy another investment property.  The transaction could be set up as Sec. 1031 exchange, which will result in a tax deferral.
692061
Depending upon the country in which she lives, an income tax treaty between the US and her country of residence could affect the answer to this question.  The following discussion assumes no treaty applies.\n\nUnder IRS rulings, a qualified plan distribution is bifurcated into a piece that is compensation (employer contributions) and a piece that is investment income (earnings).  The investment income piece is always treated as US source income subject to withholding (when paid to a nonresident alien).  The compensation piece will be US source only to the extent the employee's services were performed in the US.  If all your services were performed in the US, then all the income will be US source and potentially subject to withholding.\n\nThe IRS took the position in Rev. Rul. 79-388 that the compensation piece is not effectively connected to a US trade or business because the employee was not employed in the US during the taxable year of payment.  Therefore, in the absence of a treaty, all US source amounts will be subject to US tax at 30%.  This tax is colleced by withholding at the source.\n\nThese are general comments only and you should consult a tax advisor for definitive advice as well as a full exploration of how the general rules will apply on your specific facts.\n\n*************************\nCorrection\n\nThe Code now provides that income from the performance of services that is deferred to a later year is still treated as effectively connected income when received.\n\nHow this provision would interact with rules relating to income in respect of a decedent, and the fact that the recipient would be a person other than the person who performed the services, are issues I would want to research further.
282377
Real Estate is the hardest thing in the world.  I will need more information from you.  First off was this real estate rented?  If not you can simply claim it on your 1040 Schedule A.  If it was rented then you have to claim it on your Scedule E (Income from Rental Property).   If you are trying to claim this on your State taxes I will need to know what state you are currently residing in to find out if you can claim it or not.\n\nMonteverde2\nUS Army Tax Preparer
945726
Yeah unless the money Is delt under the table. Youll have to pay a tax on it, the ammount really depends on how much youll be reiciving
729052
No it isn't.  It simply reduces the amount of taxable liability a piece of property has, it has no bearing on income, or the true value of the property.\n\nReal estate which is reported to the federal government, however, must include its real value and not include the exemption deduction.\n\nSee http://www.irs.gov/pub/irs-prior/f706--1993.pdf
158776
i think you will have to file a long form to take the renters deduction. just call h& R block and ask
441241
Okay here we go.\n\nA 1031 exchange is a method of selling one house and buying another without being subject to taxes typically imposed.  It appears your buyer is in such a situation.  When he sells his property the proceeds go directly to the Exchange Company.  When his purchase of your home is to close the Exchange company uses these funds for his down payment.  The closing statement will actually show the exchange company as the buyer.  This is not a concern for you.  \n\nGenerally this purchasing method is used when a buyer is a real estate investor and he is exchanging one rental property for a new rental property.  Again, this is an outside issue and should not impact the sale of the home or hinder the proceeds you receive.\n\nRead the contract thoroughly.  If necessary have it reviewed by an attorney.  Based on what you have said it does not appear your interest in the property will be comprised.\n\nIf you have any-other questions feel free to contact me and if I know the answer I'd be happy to help.
642773
This is an easy one.  I specialize in real estate and have do this a number of times.\n\n90% of the time the owner is located where the taxes are sent.  The address of where the taxes are sent, at least in Washington State, is public record.\n\nI call the Treasurer's office and request the mailing address for the taxes for XYZ property.  I can either mail them or visit them directly.\n\nGood luck, email me with any questions!\n\nJared
463475
Depends on whether this is an investment property or your primary home.\n\nPrimary homes allow for a gain of up to 250,000 if you are single, 500,000 if you are married.\n\nIf this is an investment, you will have to pay capital gains if you do not do a 1031 exchange.  There are formulas to calcualting your gain and applicable taxes.\n\nYou can also choose to do a 1031 exchange, and defer capital gains taxes into another investment property.\n\nHere's a link to the capital gains calculator on my site:\nhttp://www.nnnstore.com/1031_capital_gains_calculator.php