Tax

[craigtraveler]

Hi all,I recently sold my sailboat in Mexico.I purchased the boat down there and sold it down there with out leaving Mexico.I deposited the money from the sale in my U.S. bank.(USCG vessel) Will the US try to tax me,thanks

[Letterkenny]

Of course

[Island Time O25]

If the price you paid+any repairs, additional equipment, etc is more than the selling price - no. Just be ready with receipts, invoices, etc. If it is less, IDK, since it may fall under the definition of "residence" which has its own tax exemptions. Best to seek advice of a tax professional.

[Kettlewell]

The short answer is any capital gain from the sale is taxable. In other words, if you bought it for $20K and sold it for $50K, the gain (or profit) would be $30K and taxable (minus the value of material improvements you made to the boat).

[cdocsail]

What kind of sailboat is a USCG vessel? Anyway, even you are an ex- pat, you still pay taxes on ALL your income.