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    iamsandeepmenon's Avatar
    iamsandeepmenon Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Feb 12, 2010, 04:13 PM
    Tax exemption on international property
    Hi, can I claim tax exemption on property (land) bought outside the US of A? If someone can provide details or send a link to a website that details
    This, it would be great.

    Thanks,
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Feb 12, 2010, 06:26 PM
    Not that I know of... you will be liable for the local taxes wherever that property is located, or did I misread that?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Feb 13, 2010, 12:37 AM

    If you buy property outside the U.S. you do not pay any tax in the U.S.
    Which tax?
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #4

    Feb 13, 2010, 02:22 PM

    On the other hand, if you are a U.S. citizen or a U.S. resident and you sell property outside the U.S. at a gain you must report the gain on your U.S. tax return.
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