[eprevite]

I'm seling a property in Brazil for $150K, deposited in my bank account in Brazil. What are the taxes to transfer the money to my bank account in USA? I want to use the money for down payment in a house here.

I'm a Brazilian citizen, and legal resident in USA since 2004.

Thanks

[MukatA]

As a resident of U.S. you must report the profit from the sale in your tax return. If you paid taxes in Brazil, then you will claim credit by filing Form 1116.
You can transfer money to U.S. and you do not have to pay any tax except you should report gain from sale of your home on your tax return.
Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income

[eprevite]

As a resident of U.S., you must report the profit from the sale in your tax return. If you paid taxes in Brazil, then you will claim credit by filing Form 1116.
You can transfer money to U.S. and you do not have to pay any tax except you should report gain from sale of your home on your tax return.
Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income

Thanks for the info and rapid response!
Just to clarify: I have to report the sale profit in the next year tax return only -- no other form, and no report right after sale?
The web page you directed me to shows filling a TD F 90-22.1 report of foreign bank and financial account form, but the direction says it is not required to file if the accounts sum less than $10.000. My bank account is less than that by far, and will only increase value as I receive the money from the property sale -- which I will transfer to USA immediately after. So I'm assuming I do not have to file the TD F 90-22.1, together with the next year's tax.
Please let me know if this is correct. Thanks!

[AtlantaTaxExpert]

I would file the TD F 90-22.1, because, for the brief instant the account held the property proceeds, the account DID EXCEED $10,000.

Other than that and reporting the sale on Schedule D, there is no other filing requirements.

[szh2964]

How does it work if you just received your green card and moving to US? You've never lived in US and selling your house overseas and want to bring the money to buy a house in US! What are the requirements then?

[AtlantaTaxExpert]

You have a choice:

1) You can file as a resident in your first year of the green card and claim ALL world-wide income for the calendar year

OR

2) You can file a dual-status return. On a dual-status return, the house sale would NOT have to be reported if the sale was completed BEFORE you got the green card. Once you get the green card (effective date), ANY income received after that effective date is taxable by the U.S.