Related Posts
Has anyone heard of Steadily Landlord insurance?
Favorite tax software to use for filing and why?
How can I earn some money on weekends?
More Posts
Did some tasting today! Reeve in Sonoma.
Additional Posts in Desi Consultants
Meanwhile desi media..
Are there any direct flights from SFO to Mumbai?
How do you plan to bring the proceeds to the US?
I am assuming the person is a resident alien in the US, since you have not given those facts.
Scenario 1 and 2: If you have owned and lived in this home for at least two of the last five years, then you will be eligible to exclude a gain of up to $250,000 ($500,000 for married taxpayers) from taxation. If you have not owned and lived in the home for at least two out of the last five years, the gain will be taxed at capital gain rates.
The income though will be considered as foreign sourced income and foreign tax credit can be claimed for any taxes paid in home country.
What’s the value of your Indian Property?
Conversation Starter
Her property is around USD 250k.