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    flowinna's Avatar
    flowinna Posts: 1, Reputation: 1
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    #1

    Aug 7, 2013, 11:24 AM
    Capital Gain Tax for Rental Property Abroad
    Hi,
    I am a green card holder and live in California. I have a rental property abroad which was bought before we moved to US. I am renting it and reporting on my income taxes. The property was bought at $180,000 and I am currently selling it at about $350,000. Would I have to pay capital gain or income tax on my sales profits of $170,000? How is this tax calculated? Is that based on my annual income?

    Thanks in advance!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 7, 2013, 12:24 PM
    Yes, you DO have to pay capital gains tax on the $170,000, probably at 28%.
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