Hi,
I'm currently a Lawful Permanent Resident in the US (green card holder), and I own a piece of unimproved land in the US, that I'm trying to sell. I'm likely to have to leave the country and abandon my residency in the US to establish my new residency back in my country of origin, before my property is sold. I'm clearly not gonna make any profit from the sale but in that case I'll be selling while I'm a foreign resident. My question is that gonna affect the taxes I'll have to pay. It is my understanding you don't have to pay taxes if you don't make a profit from inside the US. What are the rules if you are outside the country? (meaning from the US point of view, I know rules apply as well from the other country).
Thanks!
I'm currently a Lawful Permanent Resident in the US (green card holder), and I own a piece of unimproved land in the US, that I'm trying to sell. I'm likely to have to leave the country and abandon my residency in the US to establish my new residency back in my country of origin, before my property is sold. I'm clearly not gonna make any profit from the sale but in that case I'll be selling while I'm a foreign resident. My question is that gonna affect the taxes I'll have to pay. It is my understanding you don't have to pay taxes if you don't make a profit from inside the US. What are the rules if you are outside the country? (meaning from the US point of view, I know rules apply as well from the other country).
Thanks!