sale of property outside US, particularly in Europe, probably leads to some kind of taxes.?

Question

I'm legal resident of the United States for little more than 3 years, not a citizen yet.
Property which intended to be sold is current residence of my close relatives(mother, father and grandmother) they will move here in New York City and reside as permanent residents.
My question is: do they have to pay any kind of taxes, if yes then what % of the whole amount.
Also, as they do not have any banking accounts here in US, possibly, they'll transfer these money to my account electronically. In that case would I be liable for any kind of taxes from amounts appeared on my accounts?
Thanks in advance.
Any answer/advice will be gladly appreciated.

bostonianinmo, just perfect as always, I'm glad that he found my question interesting enough to answer, although his answer isn't complete
a)what percentage off the whole amount such tax consist?
b) what kind of misunderstanding could result someone's money located on my account?
assume that they put those money on my account just for their convenience (because of lack of literacy, language?) does fact itself of money transfer triggers some attention?

c) as I understand just keeping someone's money on my account doesn't obliges me to pay any taxes(except tax on earned interest). I didn't earn that money, so it's nontaxable event.
correct me if I wrong.

Answer 1

Assuming that they are not yet US residents there will be no US tax on the gain on the sale as long as they sell before they become US residents.

If they are US residents they will be subject to the same taxes as any resident or citizen. The exclusion for gain on the sale of a principal residence also applies to property outside the US so there may well be no gain if they otherwise meet the qualifications to exclude the gain from tax.

You should help them arrange to open accounts in the US to transfer the funds into so that there won't be any misunderstandings as to whose money it is. This isn't strictly necessary but would be the best way to proceed. Altenatively they could leave the funds in a bank at home and arrange a wire transfer once they arrive and open their own accounts.

Answer 2

If they sell the place and move here and put the money in a US bank, they do not owe any US taxes on the money.

If they move here first and then become citizens (or legal residents), and THEN sell the property, they will be required to pay some taxes on the profits they make.

Best to sell everything before they come here and become a resident. Then they just bring or send the money to the US tax free.

Answer 3

I would say you do have to pay taxes in the country the property was sold. Its possible if you invest the capital gains into another property you may not have to pay taxes... But its really best you call an accountant and ask them You may want to save money, which can cost you more then you're saving down the road. Be smart pay the Taxes if you have too.

Answer 4

Your tax criminal accountability would be desperate by the ease on the sale of the valuables. Your benefit is taxable. the fact that it is not reported does no longer recommend that's no longer taxable. i assume it is not business company belongings. in case you sell this belongings at a benefit, the ease is reported on variety 8949 and then time table D. you will pay long-term capital positive aspects on the sale, that's taxed at a maximum of 15%. A loss can't be deducted. a thank you to discern the ease on the sale of proficient belongings is complicated. i visit handle the main in all risk case: That from the time your grandfather gained the valuables till he gave it to you, it larger in fee, and then from the time you gained it till you bought it, it additionally larger in fee. To make issues even easier, i visit assume that no advancements have been made. for this reason, your benefit is $128,000 minus the unique fee of the valuables whilst your grandfather gained it, assuming he offered it (yet another simplifying assumption). in case you apart from mght pay income tax interior the rustic the place your belongings is placed, you may get a credit on that tax against your US tax.