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Get your taxes done using TurboTax
@pk Again, thank you for the prompt and detailed response.
I do have one more question. What if the couple is exempt from paying taxes on the sale of the property in Israel. Does it still apply that the couple will not need to pay taxes in the US for the proceeds of the sale in Israel?
You said "US may also tax a US Person but the double-Taxation clause will come into effect and thereby reduce the tax bite."
In that case, the couple did not pay taxes on the sale in Israel because they were exempt. Will they need to pay in the US once they become permanent residents?
Thanks!
‎July 28, 2024
3:19 PM