Sale of Residence in France

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  • Duane Anderson
    Member
    • Jan 2010
    • 88

    #1

    Sale of Residence in France

    Taxpayer has owned a residence in France he built 35 years ago.....He wants to sell for $175,000 and his cost is about $75,000. Family members have occupied the home for the last several years after taxpayer moved to the USA and became a US citizen....My understanding is there is no taxes due in France since he has owned it more than 32 years. But does the taxpayer owe US taxes on this foreign asset and if taxed would it be at capital gains rates? Thanks in advance...Duane E. Anderson
  • Lion
    Senior Member
    • Jun 2005
    • 4698

    #2
    Worldwide income. He sold a second home.

    Comment

    • Burke
      Senior Member
      • Jan 2008
      • 7068

      #3
      And yes, at capital gains rates.

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