I am planning to purchase a property in Asia and was wondering
1. Is it OK/legal to e-transfer up to $60000?
2. What are the tax implications and other formalities to ensure the right thing is done.

The U.S. imposes NO transfer tax on such wire transfers. If the amount exceeds $100,000, you need to submit paperwork to REPORT the transfer, but no tax is assessed.

Now, if you buy the property and then, at some future date, sell the property for a profit, then you must report the profit on Schedule D and pay capital gains taxes. The tax rate depends on how much time has passed between when you buy the property and when you sell it.

If the time is one year or less, you pay taxes at normal tax rates.

If the time exceeds one year, the tax rate is either 5% or 15% (under current tax law).