I recently returned to the US after a 5 year stay in South Africa. To purchase the home I lived in that side, I wired money (approximately $30.000) when I moved in 2003. I have since sold the home and now have funds to transfer back (approximately $80,000). I plan to purchase a home in the US and hoped to use these funds as downpayment.

Will I be subject to capitol gains tax? What is my best option for bringing the money stateside?

Thanks...

A U.S. citizen or resident must report worldwide income. So if you had profit from the sale of home, then you must report on your tax return. If you paid taxes in the foreign country, then you can claim foreign tax credit. Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income (http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html)

If it was your main home, then you can exclude gain of up to $250,000, and you do not have filing requirement. Read: Your U.S. Tax Return: Profit From the Sale of Your Home (http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html)