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Q & A with our Experts
We purchased our home in New Zealand and have just sold it and repaid our mortgage. With respect to the repayment of the mortgage are there any US tax implications we need to be concerned about?
No. Whilst certain foreign currency-denominated debt instruments are subject to Internal Revenue Code provisions requiring foreign currency gain and/or losses to be recognized as ordinary income, the disposition of a foreign financial instrument by an individual, provided the instrument was acquired for personal use, will not give rise to recognizable foreign currency gain or loss on disposition.
What our Clients Say
Thanks for all your help with this year’s tax preparation and all my questions. You’ve been great to work with.