Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   G4 VISA holder and withholding on sale of property (https://www.askmehelpdesk.com/showthread.php?t=321217)

  • Feb 23, 2009, 07:11 PM
    genf
    G4 VISA holder and withholding on sale of property
    Hi,

    I am a G4 visa holder married to a US citizen. I own a small co-op however my wife and I have started looking to buy a place of our own. I have heard that since I am a G4 visa holder the US government will withhold all proceeds from the sale till they are sure I do not owe any thing. Is that true? If they withhold the money how does one use the sales from that property as downpayment for the property that we seek to purchase.

    Secondly, in my situation if we purchase the new property together, will my wife still qualify for a first time home owner tax credit as well as tax credits on the mortgage that we will have to pay?

    Any help will be appreciated.

    Thanks
  • Apr 22, 2009, 12:48 PM
    AtlantaTaxExpert
    They will NOT withhold ALL of the proceeds, but they WILL withhold 30%.

    No, she will NOT qualify, because you owned a house in the three -year prior to the purchase of the new house. Sorry!

  • All times are GMT -7. The time now is 02:58 PM.