How much tax need to pay for non resident alien's house sale?
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I am a non-resident alien and I co-own a house with my friend who is a US citizen. And my proportion of the house is 50%. How should we pay for the capital gain tax if we sell the house since the taxation is different for us?
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Answer:
You will better off to ask a CPA. They can run the numbers better than anyone here at this place. For sure you will be better of to pay the US citizen half of what he is going to pay. You been a non-resident alien will end up paying a lot more. Out state, country tax, non resident, etc. tax are high. CPA are not es expensive as everyone believe. In TX they charge 250.00 the first hour and most of the time that is all they charge. One thing don't go in telling them you are a non resident. Some will take advantage of that. Just tell the US citizen to go ahead and do it on his name and you can pay him right before the paperwork is sing. Be sure to get a receipt from the US citizen to cover your tracks Good luck
Emily at Yahoo! Answers Visit the source
Other answers
Take the money and run to the border
Roger
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