In 1972 my mother bought an apartment for me(as a gift) and put it under my name. In 2008 I sold the apartment and put the money in the local bank in the country were the apartment was located. Am I subject to pay income tax on the money if I transfer it to the US? Which form is appropriate? Thank you.

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Originally Posted by gvr1942

In 1972 my mother bought an apartment for me(as a gift) and put it under my name. In 2008 I sold the apartment and put the money in the local bank in the country were the apartment was located. Am I subject to pay income tax on the money if I transfer it to the US? Which form is appropriate? Thank you.

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Hello g:

If the money wasn't originally earned in the US, and the apartment wasn't in the US, and the bank isn't in the US, then you made NO money in the US and aren't subject to US taxes. Bring the money on over.

excon

Assuming you are a US citizen you should have reported the sale of the apartment on your 2008 tax rerturn, if you had a gain on the sale (if you sold it for more than your mother's original cost basis), and also reported the foreign taxes paid on it (if any). But as for transferring money to the US - there are no taxes to be concerned about.