My wife obtained her US citizenship last year but has some property in Thailand which she will be selling next month. Obviously she will be taxed on the sale in Thailand. Net should be around $60K US, after taxes
I heard that you can bring back under $10K per person, undeclared, to the USA. If we bring back (or wire) the entire $60K, I know we have to fill out a FinCen Form 105 but will she be taxed again on it by the IRS?
We're wondering if it's better to leave it in a Thai bank and just bring back under $10K whenever we visit Thailand and return home.
Any help would be appreciated.