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nikokin
Feb 22, 2013, 02:33 PM
I have a property overseas and I am selling it, once it sold and want to bring the money (profit) here in the U.S. do I have to pay taxes? Is there a limit of how much money I can transfer to U.S. to my bank from my account overseas?
Thanks.

AtlantaTaxExpert
Feb 22, 2013, 04:19 PM
Are you a U.S. citizen, green card holder or resident alien?

If yes, you must pay taxes on the capital gain on the sale, which is reported on Schedule D and Form 8949.

If no, no taxes are due, but you MAY have to report the transfer using Form 3520.