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Subject:  Re: hard one Date:  2/5/2000  9:11 PM
Author:  mrgreeny Number:  27393 of 127522

I wrote:

<<I bought a house in Australia in 1991 for $84K.
I sold it last year for (after commission etc) $72.5K giving me a large capital lost.>>

Roy "the amazing and amusing tax expert wrote":

<<Right...assuming that you are a US citizen, that the house was either an investment property or rental property and not a personal use property...along with a few other assumptions.>>

I write anew with my assumptions:

o Actually I am not a US citizen - but I have been working in the US at Pixar (I hope everyone has seen Toy Story II by now) for the last 4 years.

o Yes it was an investment property

o Because the Australian dollar fell from $1.20 to $0.67 over the last 10 years I made a capital loss of at least $80K US.

Roy "the flirtatous tax guru wrote":
<<Sure...stop by...leave one question...use us and abuse us...and then just leave. I'm crushed. >>

I write:
You're cute Roy - and free!

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