No, you don't need to report your 'reinvestment' and you may not have to report the actual sale. You may be able to deduct some items on the purchase. Please see below:
HOME SALE
The sale of your home is reported only if you have taxable gain or received Form 1099-S.
If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).
If your gain is larger than the amounts above (or received 1099-S) you must report the sale:
HOME PURCHASE
Although the purchase of your new home is never reported on your tax return, you can still deduct home mortgage interest, real estate taxes, Primary Mortgage Insurance and Points paid on your purchased home. You should be receiving Form 1098 and, if not all items paid are listed, you may look at your HUD-1 statement. You may also be receiving Form 1098 for your original house (the one you sold) and you can deduct the above items as well.
No, you don't need to report your 'reinvestment' and you may not have to report the actual sale. You may be able to deduct some items on the purchase. Please see below:
HOME SALE
The sale of your home is reported only if you have taxable gain or received Form 1099-S.
If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).
If your gain is larger than the amounts above (or received 1099-S) you must report the sale:
HOME PURCHASE
Although the purchase of your new home is never reported on your tax return, you can still deduct home mortgage interest, real estate taxes, Primary Mortgage Insurance and Points paid on your purchased home. You should be receiving Form 1098 and, if not all items paid are listed, you may look at your HUD-1 statement. You may also be receiving Form 1098 for your original house (the one you sold) and you can deduct the above items as well.
Hello,
i have slightly different situation. i owned a house in Lebanon before moving and becoming a resident in the U.S. After Becoming a resident, i have sold my house in Lebanon with the intention of buying another here in the U.S.
Problem is that my Bank in Lebanon is wanting to Tax me 30% (they are calling a U.S citizen tax) in which they claim that they will have to deduct that money and send it to the IRS here in the U.S. is this even remotely True? i thought we as U.S citizens have to report our own income!
is this even remotely True?
Personally, looks to me like it's a bold faced flat out lie. Had they said 10%, then instead of a bold faced flat out lie, I would have called it only a lie. I would suggest you seek the services of a tax attorney that is well versed in international tax treaties. The U.S. does have tax treaties with over 100 different countries. You can find the list of countries at https://www.irs.gov/businesses/international-businesses/united-states-income-tax-treaties-a-to-z
You'll note that Lebanon is not on that list. So that's why I say you're being flat out lied to.
Might want to ask them to give you the specific reference to the explicit document that requires them to report or pay "ANYTHING" to the United States IRS. (There is no such document, because one does not exist.)