Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Pay taxes receiving money from overseas (https://www.askmehelpdesk.com/showthread.php?t=735603)

  • Feb 22, 2013, 02:33 PM
    nikokin
    Pay taxes receiving money from overseas
    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.
  • Feb 22, 2013, 04:19 PM
    AtlantaTaxExpert
    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.

  • All times are GMT -7. The time now is 07:21 PM.