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    jwinger5's Avatar
    jwinger5 Posts: 1, Reputation: 1
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    #1

    Jun 20, 2012, 07:35 AM
    International money transfer tax consiquences
    Money from a sale of property in Thailand , looking to transfer it to U.S. bank account. Capital gains have been paid on the funds in Thailand , will there be any tax consequences in the U.S.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    Jun 20, 2012, 08:09 AM
    Quote Originally Posted by jwinger5 View Post
    Money from a sale of property in Thailand , looking to transfer it to U.S. bank account. Capital gains have been paid on the funds in Thailand , will there be any tax consequences in the U.S. ?
    There are no US tax consequences on transferring money into the US. Whether you have any income tax issues is impossible to say without knowing what your US residency status is and the source of the funds. You mention capital gains - if the money comes from sale of property you owned in Thailand and you are a US citizen or resident then you will have to report the sale and calculate capital gains tax owed, but take a credit for foreign taxes paid.
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