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

    Oct 14, 2011, 11:00 AM
    $70000 is tax able if wire to us account from india property sold money
    The money is coming from house sold in india
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 27, 2011, 09:17 AM
    If you are a U.S. citizen or a U.S. resident for tax purposes, it makes no difference HOW you receive the money. The gain on the sale of the house in India IS subject to U.S. income taxes, because U.S. citizens and U.S. resident are subject to income tax on ALL world-wide income.

    You would report the sale on Schedule D, and pay taxes at capital gains rates (either 5% or 15%) on the PROFIT made on the sale.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Oct 27, 2011, 11:51 PM
    If you paid taxes in India, you can claim foreign tax credit by filing Form 1116.
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