Ask Experts Questions for FREE Help !
Ask
    rdesai's Avatar
    rdesai Posts: 2, Reputation: 1
    New Member
     
    #1

    Jan 31, 2006, 05:57 PM
    Capital Gains Taxes for an indian non resident alien
    Hi I wanted to find out if I am liable for capital gains taxes on my primary home that I plan to sell. It is the very first house that I have bought. I am an indian citizen and on F-1 visa. India does have a tax treaty with US but I am not sure what the IRS says with respect to capital gains. Can you please help me out. Thank you
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,834, Reputation: 846
    Senior Tax Expert
     
    #2

    Jan 31, 2006, 07:41 PM
    Well, according to Page 16 of IRS Pub 519, you are not liable for up to $250,000 in capital gains on the sale of your house if you meet the conditions, which are:

    - You must own the house.
    - Have live in it for at least 2 of the past 5 years.

    There are exceptions (see chapter 15 of IRS Pub 17 and Chapter 4 of IRS Pub 519), but they probably do not apply to you.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Capital Gains Tax [ 4 Answers ]

In Sept 1999 I sold a piece of property. I did a 1031 exchange for a new piece of property that cost 299000.00. My basis in that exchange was 29000.00. In April 2006 I sold that piece of property. After closing costs and realtor costs the net profit was $512,000.00. Improvement costs, repair...

Resident alien or dual status alien [ 3 Answers ]

This topic has been heavily discussed, but the concept is still not clear. I have been on H1 since January 15, 2005 (was on F1/OPT before that). I received a pay-check (approx. $1500) in those 14 days on 2005 that I was on F1 status. Since "I pass the substantial presence test for 2005, I am...

Capital Gains [ 3 Answers ]

I'm in the process of selling my house and land which currently is in three different tax bills. I went through a divorce last year and one of my questions can I use the appraisal price that was used for me to own the house and land? Two pieces were combined as it was questionable if the sewer was...


View more questions Search