Ask Experts Questions for FREE Help !
Ask

Selling a house in Mexico and returning to the US.

Asked Aug 15, 2012, 05:41 PM — 2 Answers
We used a home equity loan in the US to finance the construction of a home in Mexico. When we sold the US house in 2007 the income was used to pay off the mortgage and home equity. There was almost nothing left over. We are interested in selling our house in Mexico and returning to the the US. We purchased our present Mexican house for $200,000 and hope to sell it for over $250,000. We have lived in this house for two years. We have made approximately $10,000 in improvements. What will we owe in taxes when we have the money transfered to the US bank account?

Search this Thread
Share |
2 Answers
AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,866, Reputation: 3723
Senior Tax Expert
  
#2

Aug 15, 2012, 05:44 PM


Assuming you are U.S. citizens AND the Mexico house was your PRIMARY home, you will owe NOTHING on taxes. In fact, you do not even have to report the sale.
Helpful
MukatA's Avatar
MukatA Posts: 7,105, Reputation: 963
Tax Expert
  
#3

Aug 15, 2012, 11:50 PM


If you owned the house and lived in it for two years in last 5 years, you can exclude gain of up to $250,000.
Helpful
Not your question? Ask your question View similar questions
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting
 

Undo
Redo
  
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

Selling house in the UK buying house here with proceeds [ 1 Answers ]

My father is about to move here(to USA) as a permanent resident to live with me and my wife. He is going to sell his house worth around $550k. I was wondering would it be better for him to pay my mortgage off completely around $170k and me pay him a nominal amount as a loan, with me being the...

Selling My House [ 6 Answers ]

I sold my house and the Real Estate Agent forwarded a copy of the Agreement of Purchase to my Lawyer. I received a letter from my Lawyer advising that in order for him to proceed with the transaction on my behalf, he requires : 1. A duplicate Registered copy of my Transfer/Deed he wants $850...

Can a credit card co go after my house in mexico if I lose a judgement [ 0 Answers ]

Selling House [ 1 Answers ]

I am selling my house (by owner) -- looking for templates that I can use for flyers. Thanks

View more Taxes questions Search