Home Sale, Forced To Sell Abroad? U.S. Tax Rules In Uncertain Times

Heightened geopolitical tensions across parts of the Middle East are prompting some expatriates to reconsider their long-term plans. For some, this may mean a rapid relocation. Hand in hand with that decision often comes another: whether to sell a residence.  As broader economic uncertainty continues to unfold, including market instability, these decisions are increasingly being … Continue reading Home Sale, Forced To Sell Abroad? U.S. Tax Rules In Uncertain Times

Americans Abroad: Sale of “Principal Residence”, Gain Exclusion, Unforeseen Circumstances & COVID-19

Section 121 of the US Internal Revenue Code allows for the exclusion of up to $250,000 ($500,000 for a married couple filing jointly) in gains arising from the sale of a "principal residence."  The exclusion applies whether the residence is located Stateside or overseas.  The tax law has very specific rules. Aside from the fact that … Continue reading Americans Abroad: Sale of “Principal Residence”, Gain Exclusion, Unforeseen Circumstances & COVID-19