What is the procedure to bring in foreign money?

[Anonymous]

I am a former foreigner and now a US citizen. I have lived in US for a long time and don't see myself going back to my birth country. When I was still that country's citizen, I bought some property and now I am thinking of selling it and bringing the money here. There is also some gift property from my parents, which I want to sell too.

Does anyone know what to do and what kind of taxes I need to pay in US? My guess is that the amount would be between 30k and 50k. TIA.

[Anonymous]

If I remember correctly from my time as an expat abroad, you can only carry $10K in currency without declaring it. I think the same is true for depositing money into your account. But, regardless you need to disclose this to your accountant, and yes you will need to pay US taxes on it. Just talk to someone before you sell to make sure you do it correctly.

[Anonymous]

You will owe US capital gains tax on the sale of the property the same as if you had sold US property, *except* that if you paid tax to the local country, you can offset that tax (as a foreign tax credit) against whatever you owe to the US.

US tax is triggered by the sale/gain-- I don't believe you will owe additional tax if money is sent back to the US. However, there are some forms to fill out if you have an overseas bank account (regardless of whether you sell or not).

[Anonymous]

Anonymous wrote:You will owe US capital gains tax on the sale of the property the same as if you had sold US property, *except* that if you paid tax to the local country, you can offset that tax (as a foreign tax credit) against whatever you owe to the US.

US tax is triggered by the sale/gain-- I don't believe you will owe additional tax if money is sent back to the US. However, there are some forms to fill out if you have an overseas bank account (regardless of whether you sell or not).

This.

[Anonymous]

Calculate your taxes , then calculate how much it would cost to bring it over in 10 k amounts plus plane ticket or perhaps a few relatives could help when visiting.

[Anonymous]

Anonymous wrote:Calculate your taxes , then calculate how much it would cost to bring it over in 10 k amounts plus plane ticket or perhaps a few relatives could help when visiting.

You have to calculate the opportunity cost of lost income while you are in prison for tax evasion if you are considering this option.

Long term capital gains tax is 15% less any taxes paid on the sale in host country. This is not a difficult transaction.