I recently sold a house in a foreign country and paid local taxes on this transaction. I would like to transfer this money from my bank account in the foreign country to my US bank account. What are my legal obligations? Are there any forms I need to file? Will I need to pay US tax on this money? Does it matter if you transfer more/less than $100K? I am a green card holder.

Yes, you must report the sale on your U.S. tax return. You will also claim credit for taxes paid in the foreign country. Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income

You will also need to file Form TD F 90-22.1.

Thank you for your quick answer!
After reporting the sale of the house (and paying whatever taxes that entails), is transffering the money to the US then tax free?
What if I just want to transfer my money that is sitting in a savings account (one that has been reported as a foreign bank account) - do I owe taxes on that?

No, there is no tax on transferring money from your saving account in a foreign country to the U.S.

Is what happens when the foreign deposit if greater / less than 1 million, and I are immigrants (22 years)? If I send money, then I can still receive government subsidies or not? Please help me answer the question, thank you very much

Luvly, take advantage of the country... CLASSY.

That was in respose to emerlachen BTW..

Mukata, I read the link you pointed to in that first post, at that is talking about "earned income" as in income from working abroad. There is no mention of money from the sale of your personal residence that I saw.

I got this from another web site:

If you sell your primary residence abroad that you have lived in for at least two years out of the last five you have a $250,000 tax exemption on profit if single, $500,000 exemption on profit if married.

"US Expat Taxes and Selling Real Estate Abroad

The sale of your foreign property will have the largest impact on your US expat taxes. As a US citizen, the sale of your principal residence will prompt a gain or loss that is reportable on your tax return. However, if you have lived in this home for at least two of the last five years, then you will be eligible to exclude a gain of up to $250,000 ($500,000 for married taxpayers) from taxation. If you have not lived in the home for at least two out of the last five years, the gain will be taxed at capital gain rates. It is important to note that even if the gain does not qualify or is not wholly excluded, it will be considered foreign source income, and thus eligible for the reduction by the foreign tax credit. However, it will not be considered foreign earned income, and thus not excludable under the foreign earned income exclusion. To calculate the gain, each transaction will need to be converted to USD on the transaction date, rather than the sale date. All income must be reported in US dollars on US expat taxes."

The profit from the sale of ANY capital asset is PASSIVE income, NOT earned income.