I owe land in Poland since 2003, and now I will like to sell it. Need some informations about taxes an capital gain??? in Poland and USA. I just read, that if a person owe land for more then 5 years, will not pay taxes for selling land or capital gain.??? I purchase my land in July 2003. I pay taxes for my land in Polans.What next???
If you are a US taxpayer (either a US Citizen, or US Green Card Holder) you will be taxed on your worldwide income. This will include tax on any capital gains from the sale of property in Poland. Any tax owed to the US would be offset by taxes paid to Poland.
I do not know if the 0% after 5 years of ownership applies to land, it may be the case. It does apply to houses and apartments, and in a situation like yours, there would be 0% Polish tax due starting in January 2009.
