Hello All,
I (U.S. Citizen) and my wife (Japanese Citizen, U.S. Resident) are planning to move to Japan this year. We have to sons who will stay back home at our house (we have owned the house for 11 years) and pay the mortgage (as rent) as they (both in early 20s) still live at home and out mortgage is $1000 cheaper for them then renting in the area.
We plan to see how it goes for a year and then decide to sell the house or not. In the U.S. since its been my primary residence for 11 years I don’t plan to pat taxes on the sale if we sell it. However I was reading that since the house is co-opened with my wife (Japanese Citizen) and maybe myself becoming a Japan Resident (not sure about this) it would be considered income in Japan if we sell it while living in Japan? Something like taxed at 15% or so?
Is this accurate?
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by Exciting-Tart8282