When renovating your own home in Australia, don’t include labor costs because these are not calculated. However, all materials used can be included in the estimated cost of construction. All of your selling costs and renovations are covered after you purchase your home and you still have $250,000 in capital gains available to you.  Some elections are binding, while others only apply in particular years. You should get expert advice before making these decisions. A non-spouse resident, filing with a taxpayer identification number on their return if they did not previously have one, may have unintended consequences.

This is an area where we must handle properly. Keep in touch so we can help. We can look at your superannuation balance and various contributions throughout the year you’ve worked. It is not clear from the IRS how much money you should invest in your superannuation account, so adding a large amount could have negative consequences. We can put on a certain amount without triggering any U.S. implications if you want to. By checking your account, we will be able to determine what your limit is without harming yourself.