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Taxes on selling house on foreign country
Hello, I am a US citizen by birth who also acquired Mexican citizenship.
I lived basically all my life in Mexico until 2 years ago when I got a job in the US. In Mexico I have home where I lived until I migrated to USA (January 2011). Now, I am planning to sell it or rent it. I am still paying mortgage on that home. Question 1. If I sell it would I have to pay extra income taxes? Question 2. If I decide to rent it, I assume I will have to report income from that, but would I also be able to deduct the interests I am paying on it? Thanks in Advance to anyone that answers my questions. |
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