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Author: criser Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121591  
Subject: Re: Tax on money coming from outside of US Date: 1/22/2000 12:11 PM
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>I have a property outside of US. I'd like to sell it and bring the money to US. What are the tax consequences?

If you are a US citizen or US resident, you are required to report income earned from worldwide sources. So you would have to identify the property and show the gain or loss on your tax return in the year of sale. Any gain would be taxable. A loss may or may not be deductible depending upon a number of circumstances.



This is absolutely true, if you sell it yourself. Whether you "repatriate" the gain or not, you are taxable on it.

There are, however, some very sophisticated (and legal, of course - I'm not talking about sham Belize corporations or the like peddled by crooks) means of deferring, and possibly avoiding, gains on a sale like this. However, due to the complexity and costs involved, it's usually only worth it if the gain is $500,000 to $1,000,000 or more.

Chris Riser
criser@mayer-riser.com
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