I have arrived last year through the green card visa lottery program. I'm declared as resident alien for tax purposes . I would like to sell my house from my origin country and bring the money in the US to help build my new life here. Please, I would like to know if I must to pay taxes and if yes how much? Is the amount of the money transfered in the US related to any tax or other restrictions?
THANK YOU,
B
2006-10-28 20:55:06 · 3 answers · asked by bob b 1 in Business & Finance ➔ Taxes ➔ United States
The act of bringing the money to the US is not a taxable event. The sale of your home may or may not be taxable. The IRS link below is titled Taxation of Resident Aliens. It states that resident aliens are generally taxed the same way as US citizens. Based on that statement, you may be able to exclude up to $250,000 ($500,000 if married) from taxable income. The location of the property would not be an issue for a US citizen.
As always, consulting a tax attorney is recommend.
2006-10-29 01:49:34 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
You did not say what Country you came from. Bringing funds in from some countries can send red flags over to the IRS and DEA.
If you are not a US Citizen then the income you earn outside the USA is not taxable here, but would be included in your base income. Meet with an experienced tax advisor to help with your circumstances.
2006-10-30 10:02:17 · answer #2 · answered by dillon Y 3 · 0⤊ 0⤋
I would contact a tax attorney about this.There are so many tax laws out there .Get yourself an attorney for help.
2006-11-04 09:49:17 · answer #3 · answered by Fly Boy 4 · 0⤊ 0⤋