Green card surrender and expatriation tax

[mangojerry]

We surrendered our Green cards in Dec 2013, but still have property in California.
Is there a time limit when 8854 has to be filed?

We understand that we may have to pay an expatriation tax on the property based on the mark to market value at the time of surrender. Can that tax be offset by carried over existing long term capital losses?

What happens when we eventually sell the property? Is there a further capital gains tax to be paid, as foreigners?

Any recommendations for a tax specialist in this area would be appreciated.
Thanks

[rayb]

The Capital Gains tax at time of sale will have nothing to do with residency status.

Based on annual $3,000 capital gain loss limit, I doubt that any expatriation tax could be offset or extended by use of a long term capital gain loss. You're trying to mix "apples and oranges."

--Ray B

We surrendered our Green cards in Dec 2013, but still have property in California.
Is there a time limit when 8854 has to be filed?

We understand that we may have to pay an expatriation tax on the property based on the mark to market value at the time of surrender. Can that tax be offset by carried over existing long term capital losses?

What happens when we eventually sell the property? Is there a further capital gains tax to be paid, as foreigners?

Any recommendations for a tax specialist in this area would be appreciated.
Thanks

[mangojerry]

Expariation tax

The Capital Gains tax at time of sale will have nothing to do with residency status.

Based on annual $3,000 capital gain loss limit, I doubt that any expatriation tax could be offset or extended by use of a long term capital gain loss. You're trying to mix "apples and oranges."

--Ray B

I don't think it's mixing apples and oranges.
When someone gives up US citizenship or abandons their green card status, there is an expatriation tax where you're forced to realize capital gains based on the mark to market value at the point of departure. My question was whether one could use rolled over capital gains losses.

The other question is whether there is a new basis when the property is eventually sold and capital gains is then calculated based on the mark to market value at the point of departure.

In any case, the capital gains tax at the time of actual sale does have something to do with residency as then I will be taxed as a foreigner and I don't think any exclusions apply.

Anyhow, I think I need to consult a tax expert in this area.