United States: Living There - Tax Issues
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Last Updated: Jun 29, 2006
Living There
Resident aliens are generally treated like US citizens, i.e. are taxed on their worldwide income. The tax rates, exemptions and deductions applicable are those for “income effectively connected to” US trade and business. States normally give real estate tax exemptions where the owner lives in his own home.
On sale, your main home will be Federal capital-gains tax-exempt if you have lived in it for at least two years, during the 5 years before the date of sale. If you have two or more houses, the main home is the one where you have lived most of the time, usually.
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posted by Joseph Cuce | 2008-03-28
International Teacher, Uzbekistan
Can an Australian/ EU passport holder buy a property in the US and also be able to live there? Which state is best?