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    gvr1942's Avatar
    gvr1942 Posts: 1, Reputation: 1
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    #1

    Feb 25, 2012, 01:41 PM
    Money Transfer from Italy to USA
    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.
    renata22renata's Avatar
    renata22renata Posts: 1, Reputation: 1
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    #2

    Mar 4, 2012, 03:29 PM
    I think that western union is the right thing for you.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #3

    Mar 5, 2012, 06:21 AM
    Quote Originally Posted by gvr1942 View Post
    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.
    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
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #4

    Mar 5, 2012, 12:12 PM
    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.
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