Foreign Property

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I612

Registered Users (C)
So I have gotten my GC. I have an apt in my home country that has been sitting empty. I plan to go back and sell it and transfer the proceeds to US for a down payment. What are the tax implications?
I had the apt before landing in US. The $ value is probably the same, but that would be very difficult to prove.
I have searched and not found any threads, so sorry if this is a duplicate.
 
For US tax purposes, unless the country has a tax treaty with US, you are liable for tax on the entire gain of the property, unless it has been your principal residnce for 2 of 5 years before sale.
If you have a tax treaty, then there may be provisions the exclude pre-arrival gains.
 
There is really no gain, imagine I bought it for whatever amount of foreign money that equals X dollars, and it is still worth only X dollars.
 
I612 said:
So I have gotten my GC. I have an apt in my home country that has been sitting empty. I plan to go back and sell it and transfer the proceeds to US for a down payment. What are the tax implications?
I had the apt before landing in US. The $ value is probably the same, but that would be very difficult to prove.
I have searched and not found any threads, so sorry if this is a duplicate.[/QUOTE


you will have to pay taxes in the USA regardless of the value added or lost - IF YOU SELLE THE FLAT FOR SAY 300 000 DOLLARS WELL THATS YOU Capital gain and you have to pay uncle sam 25
% off it - PERIOD
Click to expand...
 
you will have to pay taxes in the USA regardless of the value added or lost - IF YOU SELLE THE FLAT FOR SAY 300 000 DOLLARS WELL THATS YOU Capital gain and you have to pay uncle sam 25 % off it - PERIOD

... What are you saying? The OP has to pay tax on the "SALE PRICE". No way. Tax is only on the profit == (SALE PRICE - PURCHASE PRICE - PROVABLE UPGRADES).
 
here in the USA Capital gain is EVERYTHING YOU MADE FROM SALE OF THE HOUSE -there is no such thing as added value or difference in BUYING AND SELLING price of the flat - THATS WHY PEOPLE HERE LOVE TO PAY TAXES:mad:- YOU CAN ARGUE LATER WITH THE TAX OFFICE THAT YOU ACTUALLY PAID SOMETHING BEFORE FOR THE FLAT BUT ITS NOT GONNA WORK - TAX OFFICE NEEDS MONEY ...USA NEEDS YOUR MONEY ..PERIOD ... THERE IS A WHOLE ISSUE OF LOWERING PROPERTY TAXES IN THE USA FOR EXAMPLE DUE TO ECONOMIC CRISIS AND EVER FALLING PRICES OF PROPERTIES BUT TAX OFFICE IS NOT GIVING IN ....SO MANY PEOPLE GO BANKRUPT BECAUSE OF THAT (MILLIONS )AND LOSE THEIR HOMES .....THTAS THE COUNTRY YOU ARE ABOUT TO EMIGRATE TO ...TAKE OT LEAVE IT ....
 
here in the USA Capital gain is EVERYTHING YOU MADE FROM SALE OF THE HOUSE -there is no such thing as added value or difference in BUYING AND SELLING price of the flat - THATS WHY PEOPLE HERE LOVE TO PAY TAXES:mad:- YOU CAN ARGUE LATER WITH THE TAX OFFICE THAT YOU ACTUALLY PAID SOMETHING BEFORE FOR THE FLAT BUT ITS NOT GONNA WORK - TAX OFFICE NEEDS MONEY ...USA NEEDS YOUR MONEY ..PERIOD ... THERE IS A WHOLE ISSUE OF LOWERING PROPERTY TAXES IN THE USA FOR EXAMPLE DUE TO ECONOMIC CRISIS AND EVER FALLING PRICES OF PROPERTIES BUT TAX OFFICE IS NOT GIVING IN ....SO MANY PEOPLE GO BANKRUPT BECAUSE OF THAT (MILLIONS )AND LOSE THEIR HOMES .....THATS THE COUNTRY YOU ARE ABOUT TO EMIGRATE TO ...TAKE OT LEAVE IT ....
 
here in the USA Capital gain is EVERYTHING YOU MADE FROM SALE OF THE HOUSE -there is no such thing as added value or difference in BUYING AND SELLING price of the flat - THATS WHY PEOPLE HERE LOVE TO PAY TAXES:mad:- YOU CAN ARGUE LATER WITH THE TAX OFFICE THAT YOU ACTUALLY PAID SOMETHING BEFORE FOR THE FLAT BUT ITS NOT GONNA WORK - TAX OFFICE NEEDS MONEY ...USA NEEDS YOUR MONEY ..PERIOD ... THERE IS A WHOLE ISSUE OF LOWERING PROPERTY TAXES IN THE USA FOR EXAMPLE DUE TO ECONOMIC CRISIS AND EVER FALLING PRICES OF PROPERTIES BUT TAX OFFICE IS NOT GIVING IN ....SO MANY PEOPLE GO BANKRUPT BECAUSE OF THAT (MILLIONS )AND LOSE THEIR HOMES .....THATS THE COUNTRY YOU ARE ABOUT TO EMIGRATE TO ...TAKE OT LEAVE IT ....:cool:
 
here in the USA Capital gain is EVERYTHING YOU MADE FROM SALE OF THE HOUSE -there is no such thing as added value or difference in BUYING AND SELLING price of the flat - THATS WHY PEOPLE HERE LOVE TO PAY TAXES:mad:- YOU CAN ARGUE LATER WITH THE TAX OFFICE THAT YOU ACTUALLY PAID SOMETHING BEFORE FOR THE FLAT BUT ITS NOT GONNA WORK - TAX OFFICE NEEDS MONEY ...USA NEEDS YOUR MONEY ..PERIOD ... THERE IS A WHOLE ISSUE OF LOWERING PROPERTY TAXES IN THE USA FOR EXAMPLE DUE TO ECONOMIC CRISIS AND EVER FALLING PRICES OF PROPERTIES BUT TAX OFFICE IS NOT GIVING IN ....SO MANY PEOPLE GO BANKRUPT BECAUSE OF THAT (MILLIONS )AND LOSE THEIR HOMES .....THATS THE COUNTRY YOU ARE ABOUT TO EMIGRATE TO ...TAKE OT LEAVE IT ....:cool:
 
here in the USA Capital gain is EVERYTHING YOU MADE FROM SALE OF THE HOUSE -there is no such thing as added value or difference in BUYING AND SELLING price of the flat - THATS WHY PEOPLE HERE LOVE TO PAY TAXES:mad:- YOU CAN ARGUE LATER WITH THE TAX OFFICE THAT YOU ACTUALLY PAID SOMETHING BEFORE FOR THE FLAT BUT ITS NOT GONNA WORK - TAX OFFICE NEEDS MONEY ...USA NEEDS YOUR MONEY ..PERIOD ... THERE IS A WHOLE ISSUE OF LOWERING PROPERTY TAXES IN THE USA FOR EXAMPLE DUE TO ECONOMIC CRISIS AND EVER FALLING PRICES OF PROPERTIES BUT TAX OFFICE IS NOT GIVING IN ....SO MANY PEOPLE GO BANKRUPT BECAUSE OF THAT (MILLIONS )AND LOSE THEIR HOMES .....THATS THE COUNTRY YOU ARE ABOUT TO EMIGRATE TO ...TAKE OT LEAVE IT ....:cool:
 
here in the USA Capital gain is EVERYTHING YOU MADE FROM SALE OF THE HOUSE -there is no such thing as added value or difference in BUYING AND SELLING price of the flat - THATS WHY PEOPLE HERE LOVE TO PAY TAXES:mad:- YOU CAN ARGUE LATER WITH THE TAX OFFICE THAT YOU ACTUALLY PAID SOMETHING BEFORE FOR THE FLAT BUT ITS NOT GONNA WORK - TAX OFFICE NEEDS MONEY ...USA NEEDS YOUR MONEY ..PERIOD ... THERE IS A WHOLE ISSUE OF LOWERING PROPERTY TAXES IN THE USA FOR EXAMPLE DUE TO ECONOMIC CRISIS AND EVER FALLING PRICES OF PROPERTIES BUT TAX OFFICE IS NOT GIVING IN ....SO MANY PEOPLE GO BANKRUPT BECAUSE OF THAT (MILLIONS )AND LOSE THEIR HOMES .....THATS THE COUNTRY YOU ARE ABOUT TO EMIGRATE TO ...TAKE OT LEAVE IT ....:cool: ....

''AMERICANS'' USUALLY AVOID TO KEEP THAT MONEY FOR TOO LONG BUT RATHER INVEST INTO NEW HOME/HOUSE /FLAT...ETC - IN WHICH CASE YOU DO NOT PAY TAXES .. OR THEY ''INVEST ''( AND USUALLY LOSE EVERYTHING ) INTO STOCKS AND BONDS OR SOME OTHER CRAP ''OPPORTUNITIES '' WHICH COMES ALONG AS A NEW ''BIG'' THING ....IN THOSE NIGHT TIME ADS FOR MONEY MAKING SYSTEMS ...
 
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