Does anyone know if the home sales gains exclusion is available to resident aliens and their spouses (also resident aliens.)Thanks for any input
Yes, the home sales gains exclusion can be used by resident aliens, for details and limitations see pub 519.almost every tax expert believes the deem sale will not work for excluded income. This subject was discussed at three professional seminars and everyone came to the same conclusion that the income must be taxable and some said that high level employees at the IRS has comunicated that it will take this position. Experts have been wrong, and i am all for challenging gray areas but there maybe risks that outway the benefit which is not for years.
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