100 to 200k USD Money transfer from India

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kuchchbhee

Registered Users (C)
I will likely require professional help from a tax consultant, but I wanted to get general idea if there is anyone with experience.

After having GC for over 3 years and living 2 mos/year in US, my parents are finally agreeing to move to US permanently. There are two questions that we are debating. First, should we dispose off their property in India? I am personally in favor of keeping it due to hassle involved and also inclination not to completely unroot ourselves in case things radically change here in future.

Second, if we do sell, what is safest and legal way to bring in 150 to 200k USD to US? What are the TAX implications?

I know in US, you don't owe any 'capital gains' taxes if you sell primary home and use the money to buy another primary home (upto 250k x 2) within certain period of time. Can this be applied in international situation?
 
kuchchbhee said:
I will likely require professional help from a tax consultant, but I wanted to get general idea if there is anyone with experience.

After having GC for over 3 years and living 2 mos/year in US, my parents are finally agreeing to move to US permanently. There are two questions that we are debating. First, should we dispose off their property in India? I am personally in favor of keeping it due to hassle involved and also inclination not to completely unroot ourselves in case things radically change here in future.

Second, if we do sell, what is safest and legal way to bring in 150 to 200k USD to US? What are the TAX implications?

I know in US, you don't owe any 'capital gains' taxes if you sell primary home and use the money to buy another primary home (upto 250k x 2) within certain period of time. Can this be applied in international situation?
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The U.S. tax bureau should know about yours 200k USD abroad already, because with green card you are supposed to report your asses to the U.S. In that case transferring that money, the tax bureaus will see, and there is certainly no tax on it.

But, if you never reported that money, you should amend your old tax returns, otherwise you are risking stiff penalties. I can imagine that if that money appear on an American bank account out of blue, the tax bureau will question its origin and you will most likely pay some sort of (income) tax on it.
 
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