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View Full Version : $70000 is tax able if wire to us account from india property sold money


kkkhokhar
Oct 14, 2011, 11:00 AM
The money is coming from house sold in india

AtlantaTaxExpert
Oct 27, 2011, 09:17 AM
If you are a U.S. citizen or a U.S. resident for tax purposes, it makes no difference HOW you receive the money. The gain on the sale of the house in India IS subject to U.S. income taxes, because U.S. citizens and U.S. resident are subject to income tax on ALL world-wide income.

You would report the sale on Schedule D, and pay taxes at capital gains rates (either 5% or 15%) on the PROFIT made on the sale.

MukatA
Oct 27, 2011, 11:51 PM
If you paid taxes in India, you can claim foreign tax credit by filing Form 1116.