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    greka's Avatar
    greka Posts: 3, Reputation: 1
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    #1

    Jun 5, 2012, 02:43 PM
    Bringing Money back to the USA
    Hello!
    I have a question and would appreciate suggestions.
    I'm selling a property in South America and need to bring that money back home to buy another property. Do you know if that money is due to pay tax? Thank you!
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jun 6, 2012, 05:47 AM
    Quote Originally Posted by greka View Post
    Hello!
    I have a question and would appreciate suggestions.
    I'm selling a property in South America and need to bring that money back home to buy another property. Do you know if that money is due to pay tax? Thank you!
    Can I assume that by "home" you mean the US, and that you are either a US citizen or resident?

    There are no taxes imposed for transferring money into the US, although you may have to report it using Form 3520. There may be taxes due on the capital gain on the sale of the property, and taxes due in the country where the properrty is located.
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