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raj sachar
Feb 26, 2008, 02:00 PM
I am a US citizen, and recently sold property in India, which was bought several years ago. How can I bring the proceeds back to US, preferably without paying taxes?

IntlTax
Feb 26, 2008, 02:43 PM
You will owe U.S. tax on the profit, less any applicable foreign tax credit for Indian taxes paid regardless of whether the cash is brought to the U.S. If the cash is currently in a bank account outside the U.S. you likely need to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. You may qualify for the lower federal capital gains tax rate.