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-   -   $70000 is tax able if wire to us account from india property sold money (https://www.askmehelpdesk.com/showthread.php?t=603788)

  • Oct 14, 2011, 11:00 AM
    kkkhokhar
    $70000 is tax able if wire to us account from india property sold money
    The money is coming from house sold in india
  • Oct 27, 2011, 09:17 AM
    AtlantaTaxExpert
    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.

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

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