My wife has a property in Latvia that we want to sell. The property was privatized by her (it was owned by the USSR government before). . That was her primary residence before she moved here in 1999 and her mom lived there since. What would be the tax implication of selling this property and bringing money to US?

I would like to add that Latvia gave option to citizens back then to privatize the apartments for minimal money (around $3000) and now this apartment worth about $70000

Thanks in advance

AtlantaTaxExpert

Assuming you are both filing as resident aliens, the profit on the sale ($67,000) is subject to capital gains taxes (at either a 5% or 15% tax rate, depending on your overall income level).

This income is taxable because resident aliens' world-wide income is subject to U.S. taxes. You can claim a credit for any taxes paid to Latvia on the sale, however.

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