Wassup fam. My question is if you decide to sell your property in a small country, how would you go about transfering the money back to the U.S. without any red flags and would the gov take a bite out of it? Someone told me if you say u inherited the money, it wouldnt be taxed. Any help would be greatly appreciated.
Question for anyone that invest in real estate overseas
- Thread starter UHoe$LAYitDOWNN
- Start date
UHoe$LAYitDOWNN said:
Dum, dum, dum, dum
Yo you will have to set up a corporate entity ... for more details get a lawyer.
or
carry it back into the US 9k at a time.
EDIT: TO ELABORATE:
When you come into the US through customs they will ask you to declare any cash or cash equivalent you are bringing into the USA. They will certainly tax that ass if you declare 10k or more.
the other thing you can do is to keep your money in a bank overseas and pull electronic funds as you need them. Not frequently and nothing more than 5k at a time.
One
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If you are a U.S. citizen you would be subject to capital gains tax for capital gains abroad. However if you paid taxes on the capital gains in the country you sold the property in you might be able to claim a foreign tax credit. Don't think the inherited thing has anything to do with it inherited money would still be taxed. The only exception that I am aware of is income earned abroad. For that you don't have to pay taxes on the first 80k.
If you are trying to avoid the tax on the capital gains altogether don't bring the money to the U.S. spend it where you got it. Or buy something and bring that over. You would still be subject to tax but there is no way the IRS would know unless you reported it.
If you are trying to avoid the tax on the capital gains altogether don't bring the money to the U.S. spend it where you got it. Or buy something and bring that over. You would still be subject to tax but there is no way the IRS would know unless you reported it.
Thanks for the info Temujin & CybaCipha.
