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| *Ostroff, Fair and Company>>>Other Taxes |
How are taxes calculated on the sale of property owned by a foreigner before marriage to a U.S. citizen? |
My fiancee owns 2 pieces of property that have tripled in value since she bought them. However, we will probably sell them within six months to a year after we're married so that we can purchase property in the U.S. Will the taxes be calculated on the appreciation since she bought them, or since we married? Background - I live and work overseas and have been for the last eight years. I have no plans to return to the U.S. in the near future and neither will my fiancee. For those who don't know this: American living overseas have to pay income tax. The U.S. is the only country in the world to collect taxes on citizens living/working overseas. Further, foreigners marrying them have to pay taxes effective from the day they get married. And that's without even a guarantee that the spouse will be issued a visa to come to the U.S.! Expat Americans (and their spouses) totally get a raw deal! my advice is to pay for advice regarding or concerning MOney over $1000 |
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