Chopper1955A
Mar 31, 2011, 03:48 PM
My wife and I are US citizens and my wife's mom passed in 2006 leaving her residential proeprty in Mexico which we do not live in but we do rent to offset maintenance expenses. Since 2006 we subdivided the residential proeprty into 2 pieces to make it easier to sell, a single family residence, and a duplex. In 2010 we sold the single family residence. In 2010 we paid the Mexican taxes due on the sale and moved the remainder of the cash to the US. We paid about a third of that cash to a family member that loaned money to my wife's mom years ago, (unrecorded loan) and we invested the remainder of the cash, (put into a retirement account). Are there any taxes due to Uncle Sam, and if so how much and how is it calculated?