INSIDE LAKESIDE
Log In or Register

Check your spam/junk folder for activation e-mail after you register.

Join the forum, it's quick and easy

INSIDE LAKESIDE
Log In or Register

Check your spam/junk folder for activation e-mail after you register.
INSIDE LAKESIDE
Would you like to react to this message? Create an account in a few clicks or log in to continue.

US Citizens selling MX prop & filing IRS LT Loss deductions

2 posters

Go down

US Citizens selling MX prop & filing IRS LT Loss deductions Empty US Citizens selling MX prop & filing IRS LT Loss deductions

Post by Vandre Tue Sep 30, 2014 10:16 pm

Do any U.S. citizens have experience selling their home in MX and subsequently filing IRS tax returns reporting a Long Term Loss?
In this instance assume: it was bought/sold in your individual (or w/spouse) name; was never referenced in any U.S. tax paperwork (April 10th or June 30th) because it was never rented out; Original $$ used for purchase easily accounted for from U.S. financial institutions; orig.purchase price/closing costs/improvements - substantiated by physical documents; sales/closing costs substantiated; 80% of sales proceeds wired to U.S. institution.
I have searched the internet to find this answer to no avail. It is my belief that the U.S. gov would consider any GAINS, in a situation like this, to warrant being paid their fair share, eg. 15% or so, but does it work the other way round? TIA

Vandre
Share Holder
Share Holder

Posts : 174
Join date : 2011-07-25

Back to top Go down

US Citizens selling MX prop & filing IRS LT Loss deductions Empty Re: US Citizens selling MX prop & filing IRS LT Loss deductions

Post by Intercasa Wed Oct 01, 2014 12:15 am

http://www.irs.gov/uac/What-if-I-sell-my-home-for-a-loss%3F

What if I sell my home for a loss?

Losses from the sale of personal–use property, such as your home or car, are not deductible. It is not eligible for the capital gains loss of up to $3,000 annually. For more information, see Publication 523, Selling Your Home.
Intercasa
Intercasa
Share Holder
Share Holder

Posts : 2999
Join date : 2010-04-05
Age : 53
Location : Chapala / Zapopan
Humor : Barbed wit

Back to top Go down

US Citizens selling MX prop & filing IRS LT Loss deductions Empty Re: US Citizens selling MX prop & filing IRS LT Loss deductions

Post by Vandre Wed Oct 01, 2014 12:28 am

Thanks Spencer, missed that reference. However, I would not consider this my "Main Home". Even though it was never rented, I did consider it an investment. I have had a house in CA for 32 years that I consider my "Main Home"

Vandre
Share Holder
Share Holder

Posts : 174
Join date : 2011-07-25

Back to top Go down

US Citizens selling MX prop & filing IRS LT Loss deductions Empty Re: US Citizens selling MX prop & filing IRS LT Loss deductions

Post by Sponsored content


Sponsored content


Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum