What is the name of your state (only U.S. law)? Tennessee.
Hello,
My wife and I live in the U.S.A. Before I met my wife she owned a rental home in her native country of the Philippines. We are currently in the process of selling that rental home to someone who lives in the United States (California). The buyer will be paying us in U.S. dollars (approximately $55,000) for the purchase of the home in the Philippines.
Since we will have to pay taxes to the Philippines for the sale of the home do we also have to pay taxes to the IRS in the U.S.A.?
If so then what is the tax rate or how is it calculated?
Thanks in advance for any replies.
Hello,
My wife and I live in the U.S.A. Before I met my wife she owned a rental home in her native country of the Philippines. We are currently in the process of selling that rental home to someone who lives in the United States (California). The buyer will be paying us in U.S. dollars (approximately $55,000) for the purchase of the home in the Philippines.
Since we will have to pay taxes to the Philippines for the sale of the home do we also have to pay taxes to the IRS in the U.S.A.?
If so then what is the tax rate or how is it calculated?
Thanks in advance for any replies.
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