Selling foreign property and taxes...please help!!!

TanyaBelka

Registered Users (C)
#1
Hi, everyone! I have a question on a subject that is really important to me right now.
I mom is going to immigrate to US as my immidiate relative and she has a house in Russia. She wants to sell it and she is going to pay taxes on it in Russia. After selling the house she is going to transfer money to us bank. Will she still pay taxes on that transaction or not since it will be the income from selling the foreign property? And if she transfer all her savings from Russia as well, will they be taxable? (since she earned it while being russian resident and working in Russia all her life).:confused: Thank you!:)
 

jefkorn

Registered Users (C)
#3
not to hijack the thread but I have a related question:

If a US citizen son or daughter is to receive money from the sale of his parents' real estate property (land and/or house) by parents in a foreign country, What would be the legal way to receive that money and will that be taxed? Could it be considered "gift"?

We are talking high six figures.
 

TheRealCanadian

Volunteer Moderator
#4
If a US citizen son or daughter is to receive money from the sale of his parents' real estate property (land and/or house) by parents in a foreign country, What would be the legal way to receive that money and will that be taxed? Could it be considered "gift"?
So long as the US citizen had no ownership in the property and the parents are not US tax residents, they can gift as much money as they want.
 

jefkorn

Registered Users (C)
#5
Say in a particular foreign country, the land is inherited after father passes away. It's now owned by the survivors (wife, kids). No one can sell the property untill all parties agree or get their individual ownership claimed.

No say the property is sold with all parties' consent, how can LPR or US citizen child get his share of money?
 

whitemimauz3

Registered Users (C)
#6
You need to comply with respective country's tax laws about long term capital gains reporting and should you pay any taxes on capital gains in foreign country, you can take tax credit in US income tax return after converting cost and sales price in USD and reporting on tax forms. BTW fair market value of property when her father passed away/inherited is basis of property i.e. cost.
 
#7
Hi, Guys. I have almost the same question.
I am an asylum seeker here in the US. My parents sold my property (a flat) in my home country and now want to transfer me the money (it's around $100 000) to the us via bank transfer. Should I pay any taxes on these money? I am in the US since Dec 19, they sold my property in May 20.
Thank you.
 
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