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any meaning of double taxation? Alabama

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  • any meaning of double taxation? Alabama

    Hi friends, do you know, if you are a permanently resident in the America and sell a property in the country, you have to pay double taxes which is treated by the American government and pay the capital gains on the property in the country that is located how is that treated by the IRS. Is there any meaning of double taxation? I think some potential problems could arise from such situation. What is your opinion?
    Arizona PEOs

  • #2
    Originally posted by ubuntulover6 View Post
    Hi friends, do you know, if you are a permanently resident in the America and sell a property in the country, you have to pay double taxes which is treated by the American government and pay the capital gains on the property in the country that is located how is that treated by the IRS. Is there any meaning of double taxation? I think some potential problems could arise from such situation. What is your opinion?
    Your question is a little unclear. Are you saying that the property is located in another country?

    If that is what you mean, then yes, you are subject to capital gains taxes in the US, and logically you will be subject to taxes in the country where the property is located.

    However, on your US federal tax return you will also be given credit for taxes paid to another country, therefore in the end, it will all balance.

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