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I was born in Australia and now live in Australia as a dual US/Australian Citizen.
Seven years (1998) before becoming a dual citizen, I bought a family home in Australia which I still own and in which I currently live in as my principal residence.
My residency for tax purposes remains Australia.
Question: Do I have to report to the US, the sale of this property and do the US Capital Gains Tax provisions apply to the funds from such a sale. Thank you.
Seven years (1998) before becoming a dual citizen, I bought a family home in Australia which I still own and in which I currently live in as my principal residence.
My residency for tax purposes remains Australia.
Question: Do I have to report to the US, the sale of this property and do the US Capital Gains Tax provisions apply to the funds from such a sale. Thank you.
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Tax Professional Answers
Devon McCarthy FCCA, EA
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520 weeks ago
If you receive a form 1099 or other income-reporting document you must report the sale even if the gain from the sale is excludable from income.
You may qualify for an exclusion of all or a portion of capital gains if you can meet both an ownership and use test.
You must also report the sale of the home if you cannot exclude all of your capital gain from income.