Re:Rocket Mortgage to trim 8% of workforce as home-loan mark...
by tristor on Thursday April 28, 2022 @10:20AM
(#31192787)
This is only true for a primary residence located in the US. If it’s a foreign asset, it’s taxed normally. The IRS deeply screws expats.
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Re:Rocket Mortgage to trim 8% of workforce as home-loan mark...
by simulate-me on Thursday April 28, 2022 @11:02AM
(#31193319)
I just looked this up and you're right. If you're subject to the expatriate tax then you're automatically disqualified from the exemption. From my reading, it seems like there is a small loophole. You can sell a foreign property if you move back to the U.S. and meet all the other primary residence conditions.
Re:Rocket Mortgage to trim 8% of workforce as home-loan mark...
by nsteel on Thursday April 28, 2022 @11:25AM
(#31193661)
Exactly. And what's even more brilliant is that it entirely depends on the exchange rates at the start and end of the period. So a zero gain (or even a loss) over that period in the UK can still result in US tax owed.