I wonder if I owe capital gain taxes to usa if I sell house?
For example, I paid house $150,000 and I sell it for $200,000. Obviously my gain is equal to $50,000. If I use this money to purchase house overseas, for example, Europe, do I still have to pay tax on $50,000? I know inside USA if you purchase another house and live there for at least two years you don't owe any tax on this gain. Is this same with house bought in another country?
Thanks.
For example, I paid house $150,000 and I sell it for $200,000. Obviously my gain is equal to $50,000. If I use this money to purchase house overseas, for example, Europe, do I still have to pay tax on $50,000? I know inside USA if you purchase another house and live there for at least two years you don't owe any tax on this gain. Is this same with house bought in another country?
Thanks.