Georgian IRS Fat Cats Want Slice of Swedish Property Pie

We’re still sorting our way through all of the nightmare tax stories we solicited from you guys. Here’s one we pulled out about the pains of paying taxes internationally that I personally sympathize with — did you know the US government expects you to pay taxes for five years after emigration on your foreign, also-taxed income?

A few years ago, my sister and i inherited a house in Sweden from our grandmother. since it was impossible for us to keep it up and manage it, we agreed to sell it. We split about $350K on the house. After taxes, lawyer and real estate agent fees, we ended up w about 110k each.

My sister lives in Florida, I live in Georgia.

While the state of Georgia does recognize out of state property tax and offers credit, it does not recognize foreign taxes or property, therefore no credit on such a sale. My guess is that this law hasn’t changed since before the civil war when the local well-to-do’s owned property and plantations in other states…..be real, who would even DARE to think that a SUTH’NAH would own property outside of the US of A? WHO?

Anyway, Georgia wanted their part of my new shrinking nest egg……so $15k later, my wife and I had enough money to buy cars running about $30k a piece, pay kids tuition for the next year and some beer and pizza money to celebrate successful sale of a house.

I think this story warrants me getting a really cool prize from you guys like an ipod video…doncha think?

Ha ha ha ha! Dude, you’re the one successfully wheeling and dealing in international properties to the tune of a $100k+ profit. Maybe you should send me one. I rent a basement flat.

Comments

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  1. KevinQ says:

    If the property was in Sweden, then it would have been “Swedish,” not “Swiss.” That’s Switzerland.

    Yes, they really are two different countries.

    K

  2. Jesse says:

    Not to mention the fact that this moron sounds like the guard in Shawshank Redemption. You only got to buy two new $30K cars? Boo-fucking-hoo, asswipe.

  3. Morgan says:

    Yeah, I’d think you could probably have bought a slightly less expensive car and bought your own video iPod. I’m more interested in the lead-up to the story- namely, how can the US expect you to pay taxes to them for five years after you’ve stopped living and making money in the US? How would they even know what you were making?

  4. As a European Citizen, I do in fact know that Sweden and Switzerland are different countries. Just a slip.