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We are in our fifties and have been living overseas for the last 10 years. We are planning to return permanantly to the states in a couple of years. We have done well in stocks and are wondering about the capital gains taxes. Living overseas we get a $70,000 tax exempt status on yearly income and we wondered if there would be an advantage to selling stocks while we are overseas and then reinvesting again so the capital gains tax is dealt with while we are overseas instead of in the states. We would need several years to plan ahead for this if there is an advantage. Thanks for any help.

ldm
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Hello Idm67:
You wrote,
We are in our fifties and have been living overseas for the last 10 years. We are planning to return permanantly to the states in a couple of years. We have done well in stocks and are wondering about the capital gains taxes. Living overseas we get a $70,000 tax exempt status on yearly income and we wondered if there would be an advantage to selling stocks while we are overseas and then reinvesting again so the capital gains tax is dealt with while we are overseas instead of in the states. We would need several years to plan ahead for this if there is an advantage. Thanks for any help.


I believe your exemption is for earned income. Check the information with your latest tax return info to see if unearned income, such as capital gains taxes, will qualify.

For your sake, I hope it will - but I'm afraid that it won't.

Good luck!

Gemstarman
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Hi.

You may also what to check this out on the Tax Strategy board here at the MF. The experts there may help you more.
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