Legal Advice needed: how much % is the foreign sales property tax in U.S.A?

Question

Please advice .. Thanks

If I have property in other country eg. In India n I sell it in india and bring $ here do I have to pay tax ?

Answer 1

Provided you are a US resident, it does not matter where the property you sold is located or whether you actually bring the cash into the United States or leave it in India - the transaction will be taxable in the US.

The tax % will depend on the type of property you sold, how long you held it before the sale, and what your income is. Things like real estate will typically be taxed at a maximum rate of 15%.

If you are taxed in India on the transaction, you may be able claim a credit for the taxes you paid in India against your US tax. This is referred to as a "Foreign Tax Credit" and you claim it by filing Form 1116.

Answer 2

Not sure what you're asking. There is no "foreign sales property tax" in the US.

If you are travelling here, any purchases you make will be subject to any local sales taxes at the prevailing rate.

If you order goods from the US to be shipped overseas, no taxes are assessed in the US. However you may have taxes and duties to pay to your own country. These will be collected from you by the forwarding agent before the property is delivered to you.