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Reply to "What is the procedure to bring in foreign money?"
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[quote=Anonymous][quote=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).[/quote] This.[/quote]
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