[VLADIMIR NARVAEZ]

I sold a home in ecuador given to me by my grandmother, will I have to pay taxes in ecuador as well as here in the u.s.

[wnhough]

QUOTE," will i have to pay taxes in ecuador as well as here in the u.s. ? "---In general, No.The IRS does not impose a federal estate tax on inheritances received from overseas or a foreign country, in this particular case, Ecuador. Most all states(excpet some states,i.e, Connecticut, Indiana, Iowa etc) also follow this guidance and also do not assess an estate tax on property inherited from overseas.But you may be liable for capital gain taxes to your state government(if applicable; 9 states do not impose CG taxes in US.)

if the amount of money coming into the US from Ecuador via wire transfer( into your bank account) exceeds $10,000 , then your bank will report the amount to the IRS( US Treaury Dpt).That doesn't mean to pay any form of taxes on the money transferred into the US from overseas.Federal law requires that all banks report any cash deposits made in excess of $10,000 in the hopes of discouraging money laundering, rather than tax evasion. "wires" from abroad require the same information.

but, REMEMBER! You must file IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts,suppose, during the current tax year, you receive
Gifts or bequests valued at more than $100,000 from Ecuador and the formis due on the date of the filing your income tax return -- including any extensions of time to file.


Suppose you deposit the money ( after the sale of the inherited property in Ecuador) in your bank account there in Ecuador, and if the amount exceeds $10,000 USD at any time during the calendar year, then you must file Foreign Bank Financial Account form, Form TD F 90-22.1 by, I guess, June 30th of each calendar year as long as you keep the account(s).

[MukatA]

Answer will depend upon:
Did you inherit the home? If yes, when did you inherit it?
Was it a gift? If yes, when did you get the gift?

This forum is about U.S. taxes. So do not know about Ecuador taxes. Normally, if Ecuador has capital gains gain, it should be taxable.