kingstarnes
Junior Member
What is the name of your state? SC
A US citizen wishes to sell his home/farm in South Africa. If the proceeds from the sale are transferred to an offshore trust/account and the funds are only used outside the US, is the sale/capital gain reportable to the US?
This individual indicated that they spoke to other accountants and was told that as long as the proceeds remained outside the US that they would not be taxable.
My understanding (I am not a tax professional) is that the only exemption a US citizen receives for a sale of a home is $250,000 for a primary residence regardless of where it is foreign or domestic.
I appreciate any response you have to offer.
A US citizen wishes to sell his home/farm in South Africa. If the proceeds from the sale are transferred to an offshore trust/account and the funds are only used outside the US, is the sale/capital gain reportable to the US?
This individual indicated that they spoke to other accountants and was told that as long as the proceeds remained outside the US that they would not be taxable.
My understanding (I am not a tax professional) is that the only exemption a US citizen receives for a sale of a home is $250,000 for a primary residence regardless of where it is foreign or domestic.
I appreciate any response you have to offer.