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Suraya
May 24, 2012, 07:47 PM
I live in US and have a property abroad. If I sell it and transfer the fund to US do I have to pay any kind of tax on it. I am selling it the same price as I bought it, no capital gain.

AtlantaTaxExpert
May 24, 2012, 10:15 PM
There is no transfer tax.

You WILL have report the sale on Schedule D even without any capital gain.

Suraya
May 24, 2012, 10:28 PM
There is no transfer tax.

You WILL have report the sale on Schedule D even without any capital gain.

Do I have to pay Tax on it. If I have lived there for more than two years?

ebaines
May 25, 2012, 04:36 AM
Do I have to pay Tax on it. If I have lived there for more than two years?

You would pay tax on the capital gain - but since you said there is no capital gain, there is no tax. If there was a capital gain you may qualify for an exclusion against some or all of the gain if the property had been your principal residence for at least two of the previous five years. I can't tell you whether there are any taxes due in the country where the property is located.

Suraya
May 25, 2012, 06:59 AM
Thank you

AtlantaTaxExpert
May 25, 2012, 07:39 AM
As always, ebaines advice is 100% accurate. I have nothing to add.