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Get your taxes done using TurboTax
I forgot to add - I saw something that said a deduction is available if you have lived in the property for 12 months in the last 5 years. I have not. By the time I sell the property, I will only have lived in the property for 4 months in the last 5 years.
Does this mean I am liable to pay tax on the full capital gain, BOTH in the USA AND in my home country?
I assume that I cannot call the property my 'principal residence' if I was renting the home out while living in the USA (even if, when I moved to the USA, I was on an F-1 non-immigrant visa?) Is there an argument that, as a non-immigrant, my principal residence was still back in my home country?
‎January 20, 2022
10:28 AM