I want to sell a house in Mexico it is worth around $130,000. How much taxes will I have to pay if I wired the money to the US?

enrique-zaragoza — Thu, 06 Jun 2019 14:40:43 GMT

I am now a US citizen and I am filing my taxes along with my wife as a married jointly

It depends. As a US citizen, you are required to report i...

CarolynM — Thu, 06 Jun 2019 14:40:44 GMT

It depends. As a US citizen, you are required to report income, such as proceeds on the sale of a home, regardless of where the funds are deposited.

If it was your primary residence and you live in the home more than two years, you will qualify for the capital gains exclusion.

If it was not your primary residence and the home was owned for more than a year, it will be subject to long term capital gains, which are 0, 15 and 20.

If it was owned less than year, it is subject to your normal income tax rate.

For more information, follow this link: Capital Gains Guide

topic I want to sell a house in Mexico it is worth around $130,000. How much taxes will I have to pay if I wired the money to the US? in Deductions & credits

I want to sell a house in Mexico it is worth around $130,000. How much taxes will I have to pay if I wired the money to the US?

It depends. As a US citizen, you are required to report i...