I have recently sold my house in Australia. By Australian tax law, it is still counted as my primary residents (lived in it for more than 2 years and in the last 6 years with out purchasing another property. This property was declared to the Aust tax office and basically broke even over the past 5 years while I have been living in the US as a permanent resident. As it is still counted my primary resident until march, I donít have to pay capital gains tax in Australia
I am hoping to transfer the money to the US (probably around $400k) and purchase our first US property for me and my family to live in long term.
From my initial investigation seems the US governments wants 25% of it for capital gains. Or we can do something with a 1031 and have to rent it for 6 months, live in it for 2 years then sell it to possible avoid paying the capital gains. But with a 1031 the interest rate is considerably high and we would probably require a guarantor, couldnít live in it for the first 6 months and have to sell it 2 years after that. Sounds like a real pain in the a$$
Any way I can bring the money over and minimize any tax I have to pay so I can use it as a deposit and purchase a home at a standard tax rate.