tax on healthy profit from buying and selling properties in Bulgaria

Mar 28, 2007 1 Replies
N

I just sold my flat in Bansko, Bulgaria for 15000EUR. I got it for 10000 EUR a month ago from

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Not a bad profit for a month.



Do you have similar experiance with Bulgarian properties. I am now in process of buying 2 houses again from them. It seems many people are doing it and then seling their properties on eBay. More importantly what are the tax implications from buying and selling abroad. Of corse I don't want the tax man to get my profit. Any advice please reply to this post. Nick



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K

If you are a U.S. citizen or resident you are subject to U.S. income tax on all of your worldwide income. It sounds as though you have a short term capital gain from this transaction. It is subject to U.S. tax. If it is also subject to tax in Bulgaria, you should get credit against your U.S. income tax liability for the tax you paid to Bulgaria. Katie in San Diego

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