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TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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Continuation of US Tax question. -From our discussion today,

Resolved Question:

Continuation of US Tax question.
-From our discussion today, please can you advise what the US Tax reporting dates are? In the UK it is April - April and not due until January of the following year.
-If I sold my property in September 2015, what date does this 'gain' need to be reported in the US tax return?
If my salary was equivalent to approximately $42,500 (depending on exchange rate) for 2015, what % tax bracket would I be classified for the gain on my house sale?
Thank you.
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HiThe US tax year runs from Jan to Dec 31 of the year. Tax returns for that tax year are due by April 15th of the year following the tax year. EXAMPLE: for the income earned in 2015 the tax return is due by April 15, 2016.For those outside the US they have an extension of time to file till June 15.Your capital gains tax rate would be 0% because you would be in a low bracket.
Customer: replied 1 year ago.

Thank you.

So based on my income for 2015, the gain above $250k from the sale of my property would not be taxed? (Assuming a 0% tax rate as you have advised?)

If that is the case, if I am not able to file by June 15 due to any delays etc in obtaining SSN (I have to renew my expired US Passport first before applying for SSN), would I NOT be penalized as zero US tax is due?

Expert:  TaxRobin replied 1 year ago.
The tax return filing penalties are based on the amount due (a percentage of the tax).No tax, no penalty.
Expert:  TaxRobin replied 1 year ago.
Here is something to remember thoughThe IRS has an out for that exclusion of earned income. As long you file before they contact you, the exclusion is allowed. If they contact you first then no exclusion is granted.That is a means to ensure US citizens still continue their reporting when they live abroad.
Customer: replied 1 year ago.

So if my returns are not ready, how can I ensure I contact them first to let them know I will be filing?

Can I still file without my SSN?

I have to update my passport in order to get the SSN so I am worried this will slow things down.

Expert:  TaxRobin replied 1 year ago.
No you should not file without your SSN. DO your best to get the SSN and file the 2010 return first. Then file the remaining returns one year at a time.
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