House sale / House purchase
Only the sale is reportable on your return - home purchases are not.
Purchase of a home is not reportable on your US tax return, but you should keep records. These will come in handy when you sell the home (because selling a house is reportable). Please see the following articles for additional information:
- Will I have to pay the Capital Gains Tax on Foreign Real Estate if I sell it?
- Capital Gains Tax on the Sale of Your Primary Residence (in US and Abroad)
We will handle this during tax preparation for you.
If you would like, we can prepare a Tax Projection of potential tax due from the sale.
If you would like to move forward with this service, please complete a 'dummy' TQ (i.e. - 2005) with the anticipated information.