[myduchess]

Hi.
I have two questions.

I have property and money in my home country. When I immigrated to the US, I left the property and the money as is. When I go back to visit every few years, I stay at the house (family stays in the house when I am not there), and I don't have to worry about money because my bank account there is still open.

I am considering closing down my bank account and transferring all the money to the States. What tax implications are there? This is my savings for the last twenty years. The money will be a bank-to-bank transfer, coming in dollars (so no currency exchange worries).

Secondly, if I decide to sell the house and bring the money from the sale to my bank in the States, what do I have to pay other than capital gains?

I live in NY and I am a US Citizen.

Thank you,
Myda

[AtlantaTaxExpert]

Myda:

There are NO tax implications for the money transfer, though you may be asked by the IRS to explain where the money came from, especially if the transfer exceeds $10,000. Just have a copy of abank statement from your home country bank to fax to the IRS to show the origins of the money, and you should be okay.

If you sell the house, you would owe NOTHING on the capital gains if they do not exceed $250,000. That is the amount that is exempted by law under the tax reforms passed in 1997. You do NOT even have to report the sale.