The Capital Gains Blog

Posts Tagged ‘capital gain exemption criteria’

Question: Tax liability in the US for capital gains from property sale in India?

Hi,

I have been in the US for the last 2 yrs, first on a F-1 and now on an H-1B visa.

I recently sold a property in India and had some capital gains which I plan to invest in another residential property there. As a result I am claiming a Capital Gains Exemption in India.

Is there any tax liability on these capital gains in the USA? I would appreciate if you could also send me the sources for your response.

Answer: You may be considered a US resident alien. If so, US residents are taxed on their worldwide income. You would have to report the capital gain on your US Form 1040, Schedule D. If you held the land for over a year, you would have a “long-term” capital gain on the sale. Long-term capital gains are taxed at either 5% or 15%, depending on what tax bracket you are in.

http://www.irs.gov/businesses/small/international/article/0,,id=96493,00.html

Vuelta 2010: First Impressions

While much, much work remains to be done to bring the race to the States, and there’s certainly no guarantee that RCS Sport will bite, the idea got us thinking: What does it take to organize a major race in North America?

McCain 08