The proposal makes it possible to put an end to a
discrepancy in the scope of taxation of these capital gains in the IRS and
which had already been condemned in a judgment handed down by the Court of Justice of the European Union.
“It is therefore urgent to make the necessary changes to the
IRS Code, in order to equate the tax regime applicable, in terms of IRS, to real
estate capital gains realised by non-resident taxpayers to that currently
applied to residents, putting an end to the discrimination that has been
identified between resident and non-resident citizens".
Currently, residents are taxed on only 50% of capital gains
and the other 50% is added to their usual income tax return. On the other hand,
capital gains from the sale of properties by non-residents are taxed in full,
at a flat rate of 28%.
So what’s it going to be? For everybody … which rule?
By Inge van Wordragen from Algarve on 24 Nov 2022, 12:41