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Posted by Katie on March 30, 2007, 4:35 am
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> I just sold my flat in Bansko, Bulgaria for 15000EUR. I got
> it for 10000 EUR a month ago fromwww.bgproperty.com.
>
> Not a bad profit for a month.
>
> Do you have similar experiance with Bulgarian properties. I
> am now in process of buying 2 houses again from them. It
> seems many people are doing it and then seling their
> properties on eBay.
>
> More importantly what are the tax implications from buying
> and selling abroad. Of corse I don't want the tax man to get
> my profit. Any advice please reply to this post.
If you are a U.S. citizen or resident you are subject to
U.S. income tax on all of your worldwide income. It sounds
as though you have a short term capital gain from this
transaction. It is subject to U.S. tax. If it is also
subject to tax in Bulgaria, you should get credit against
your U.S. income tax liability for the tax you paid to
Bulgaria.
Katie in San Diego
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