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.