I am a U.K. Citizen and resident with a vacation condo in Palm Springs which I’ve had for 15 years. I’m now planning on selling which will result in a profit of around $200,000. Will I be liable to USA tax on this? At the moment I have the condo registered in the name of a trust. Would it be advantageous to revert it back to my name before selling?
Will I be liable for US tax on a vacation condo?
You will owe tax at capital gains rates on the profit.
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