All Forum Posts by: Account Closed

Hello BP users,

I am convinced real estate is something I would like to pursue in the future. I have been residing overseas for the past 4 years, and intend to return to the states within the next three years. However, all this reading and listening can only do so much, practically speaking. Since I haven't owned any property in the states, would you recommend I get started with partnering up with someone who has been in the game for a while (probably meeting through a meet up)? I have enough capital to get started on a first project. So say, splitting the profits 50-50? Or would someone recommend getting started another way?

Congrats! I am preparing myself for what you just did. Thanks for keeping my motivation alive. Good luck with your next purchase!

Thank you sir. I really appreciate your information. I will begin looking into these things. 

Hello, new to BiggerPockets!  I have questions regarding my international home sale in South Korea. Hope somebody can help.  

I am a US citizen, living in South Korea, married, filing jointly.  Our salary is $60k. Our home of 3 years has appreciated by $580,000.  Since this is a long term capital gain, I will pay a LTCG tax on anything in excess of $500k. My questions are:

1. Will my taxable income now become $140k (60k + 80k)? Pushing me from a tax rate of 12% to a 22%?

2. Once I get taxed at the 22% tax rate, do I then get an additional capital gains tax on the $80k at 15%?

Thanks!