What is the potential tax liability for a properties sold outside the US

For 2014 Tax Tips For Year 2014.

LinkBack

Thread Tools

Search this Thread

Display Modes

#1 (permalink)

01-19-2015, 09:55 AM

Geek1974

Posts: n/a

What is the potential tax liability for a properties sold outside the US

My wife and I sold a property for $180,000 which was originally given to me by my father ten years ago.

What, if any would be the US tax implications if I deposited these funds into my US bank account?

My thoughts were that these funds would not constitute income and thinking that all property sales originating in foreign countries are not reportable transactions to the IRS.

Thank you so much for your help!

Ads

« Tax subsity repayment | IRS created a new reporting requirements of filing Form 8938 to holders of Foreign Assets! »

Posting Rules
You may not post new threads You may not post replies You may not post attachments You may not edit your posts vB code is On Smilies are On [IMG] code is On HTML code is Off Trackbacks are Off Pingbacks are Off Refbacks are Off

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Capital Gain exclusion - married and multiple properties prior to marriage	Kahunaben	Capital Gains	1	04-22-2014 03:22 AM
What are new tax rate increases as a result of the potential New Tax Law changes in 2013?	TaxGuru	For 2013	0	12-31-2012 04:25 PM
What are potential pitfalls or risks of retiring in the next few years?	TaxGuru	Retirement Planning	2	09-27-2011 02:35 AM
How does the IRS treat the gains from Flipping off mulitiple foreclosure properties bought and sold within a short period of time?	TaxGuru	Capital Gains	0	12-29-2010 03:01 PM
What are the “Potential Hazards and Risks” in borrowing from your 401(k) Plan?	TaxGuru	General	0	10-02-2008 09:54 AM

» Categories

Ask TaxGuru?

Individual

» Income

» Estimated Taxes

» Capital Gains

» Itemized Deductions

» IRA/Sep

» Rental Real-Estate

» Alternative Minimum Tax

» Filing Requirements

» Sole-Proprietorship

» Medical

» Auto Expenses

» Social Security

» Tax Credit

» Depreciation

» Divorce Tax Issues

» Homeowner Tax

» Multistate

Corporations

» C-Corporation

» S-Corporation

» Limited Liability Company

» Payroll

» Multistate Tax Issues

» Non-Profit Organisation

» Trusts and Gift Tax Returns

Forum for CPAs

» CPA Forums

Financial Planning

» Estate Planning

» Retirement Planning

» Investment Strategy

» Education Planning

» Life Insurance

» Tax News

» Tax Calculators

» Downloads

» Contact Us

» Latest Tax Tips
How can I obtain the IRS 2021 Form W-7 with the...
IRS extends C Corporation filing date to May 17, 2021
Which Taxpayer Qualifies for Advance Payments?
How do you get a "147C Online- EIN Designation Confirmation...
What are the Foreign Earned Income Exclusion for 2019?

» Recent Tax Q&A
No Threads to Display.

» Free Downloads

Latest Files

What Are the Important Highlights Of 2010 Tax Law
EzWagez Payroll System
TurboCASH
AlauxSoft Accounts and Budget
Gas Mileage MPG Tracker