I am from Armenia but liv in the US as a resident. I alwas filed taxes annually. We have a house that's fully paid in Armenia and now we want to sell. The net proceeds is around $330,000 and I will put the money in the bank there. Then I plan on wire transferring all of it over to the US.

Do I have to report any of this as income? If so, what would be the basis of the property? What form do I use? What about any foreign tax credit on the sale and which form do I use?

Is there a minimum exemption I can transfer to the US without having to pay any taxes?

I have not lived there for a long time but have relatives living there.

Please be detailed as possible so I can proceed with my taxes. Thank you for your answer.

The sale of the house must be reported as a capital gain IF the proceeds from the sale exceed your cost basis. Your cost basis is equal to the original purchase price you paid for the house plus the costs of any capital improvements you made to it while you owned it. Assuming you have a gain on the sale, you report it on Schedule D of your Form 1040.

Assuming you have to pay tax in Armenia, you take a credit for foreign taxes paid on Form 1116. More info about that here: Tax Topics - Topic 856 Foreign Tax Credit (http://www.irs.gov/taxtopics/tc856.html)

There is no tax due on transfers of money into the US, so no worries on that score.