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    julruata53's Avatar
    julruata53 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 18, 2011, 05:11 AM
    Property sold in Foreign Country
    My mother pass away year ago, she left a property to me and my brothers and
    Is to be sold next month. My question is, if I bring the money of the sale to United
    States do I need to pay taxes?

    Thanks
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    May 18, 2011, 07:44 AM

    There is no tax on bringing money to the US, though the foreign bank account that you have may need to be reported using form TD F 90-22.1 -- see: http://www.irs.gov/pub/irs-pdf/f90221.pdf You would also have to report the sale as a capital gain on your income tax if your proceeds are greater than your cost basis.
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