Tax Questions Answered

This advice is general in nature and should not be acted upon without first obtaining professional advice on your particular circumstances.Please note that the answers, to other people’s questions, that you see here, are very specific their question. You cannot rely on them for your particular circumstances. Further, if you do askbantacs, before you act on your answer, you need to run it past your Accountant, who will understand the wider implications to your particular situation.

Monthly archives: December, 2020

Selling US Home While Tax Resident of Australia

Question I am a U.S. citizen, became Aussie tax resident May 2012, transferred U.S. family home to a U.S. “living trust” Sept. 2012. (A living trust is basically an estate planning vehicle; title changes, but the tax treatment on the U.S. side remains the same as if the home is still individually owned for CGT/income/etc.) …

Home Transfer on Divorce Settlement

Question I originally sent in the below question back in September 2020, which you responded to – thank you. However, another part of the story has revealed itself – see bottom of original question:- My client inherited a beach house in 1975. This house was his main residence until 1982 at which time he and …

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