Ask Experts Questions for FREE Help !
Ask
    senorita1978's Avatar
    senorita1978 Posts: 1, Reputation: 1
    New Member
     
    #1

    Oct 14, 2011, 07:25 AM
    Tax implications for intl. Transfer $60,000 for real estate purchase?
    I am planning to purchase a property in Asia and was wondering
    1. Is it OK/legal to e-transfer up to $60000?
    2. What are the tax implications and other formalities to ensure the right thing is done.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Oct 27, 2011, 09:21 AM
    The U.S. imposes NO transfer tax on such wire transfers. If the amount exceeds $100,000, you need to submit paperwork to REPORT the transfer, but no tax is assessed.

    Now, if you buy the property and then, at some future date, sell the property for a profit, then you must report the profit on Schedule D and pay capital gains taxes. The tax rate depends on how much time has passed between when you buy the property and when you sell it.

    If the time is one year or less, you pay taxes at normal tax rates.

    If the time exceeds one year, the tax rate is either 5% or 15% (under current tax law).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I wire transferred $13,000 to a friend in China. What are the tax implications? [ 2 Answers ]

I helped a Taiwan national, working in the States, wire transfer $13,000 to her family in Taiwan. Is this something that could become a flag for me with the IRS. It was not my money and she earned it in the States.

Tax implications of real estate investment via deed of trust? [ 1 Answers ]

I have invested in a condo property. I have a deed of trust on the property for my portion of the investment, and the property owner is my business partern on the deal -- no incorporation, but a signed contract and a deed of trust, both drawn up by an attorney. In 2008, I invested in the...

Final real estate purchase payment [ 1 Answers ]

I sold a home to my bosses at the time. The house was 90% complete. The deal was $150,000 up front with a final $50,000 when the house sold to a third party purchaser. Also I was to get paid as an employee to oversee the completion of the home. About one month later the market started to fizzle and...

Tax implications of an account transfer [ 4 Answers ]

Hi, This is my first question here. I have read many topics on this forum in the past and learnt quite a bit. This is a very general tax related question. My girlfriend is moving out of the country (possibly temporarily). In the meanwhile she is keeping her bank account in the US open for...


View more questions Search