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  1. #1
    Join Date
    Jul 2010
    Posts
    4

    Default Taxes on an International Wire Transfer

    I just immigrated to the U.S. on a green card and sold my house overseas I plan to make an int'l wire transfer for approx. $200,000 to the U.S. Will I be taxed on this amount? My wife and I start jobs in the U.S in August 2010. thanks in advance!

  2. #2
    Join Date
    Oct 2006
    Posts
    15,125

    Default Re: Taxes on an International Wire Transfer

    Quote Quoting mohitmuk
    View Post
    I just immigrated to the U.S. on a green card and sold my house overseas I plan to make an int'l wire transfer for approx. $200,000 to the U.S. Will I be taxed on this amount? My wife and I start jobs in the U.S in August 2010. thanks in advance!
    No, you will not be taxed on the amount of the wire transfer. However if you sold the home for greater than your basis in the home, then you have a capital gain and that would have to be reported on your tax return. You would however, get a credit for any foreign taxes you had to pay on the money.

    Example:

    You bought the home for 100,000 and made 50,000 in improvements to the home. 150,000 would be your basis. You sold the home for 200,000, and you had 25,000 in selling expenses. 200,000 - 150,000 - 25,000 = 25,000 That is your capital gain. Again, you would get a credit for any foreign taxes paid.

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