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    DinkyDanky's Avatar
    DinkyDanky Posts: 2, Reputation: 1
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    #1

    Feb 10, 2008, 05:46 PM
    Income from property sale abroad
    I am selling some land abroad. I will be getting money from that sale. I am not a US citizen or a resident and am here on a work visa. I would like to bring some of that money into the country which I plan on using to buy a house. Will I have to pay taxes on that money? I have proof of sale and can get any documents that may be needed.

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    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
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    #2

    Feb 10, 2008, 06:59 PM
    You state that you are not a resident. You may be a resident for tax purposes, if you meet the substantial presence test. If you are tax resident in the U.S. then you are taxed on your worldwide income. Whether you bring the money to the U.S. or not has no impact on your tax situation.
    DinkyDanky's Avatar
    DinkyDanky Posts: 2, Reputation: 1
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    #3

    Feb 10, 2008, 07:40 PM
    Am definitely a resident for tax purposes and will be paying all taxes in India. So based on what you are saying, I will have no problem bring money into this country. At the most I will have to explain the source of the funds to the IRS. Yes?
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #4

    Feb 11, 2008, 06:52 AM
    Yes, transferring the cash is not an issue. However, as stated above, you will need to show the gain on your U.S. tax return (and can claim the Indian taxes paid as foreign tax credits).
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