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Selling property in home country to buy one in US

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Hi All,

I have plans to sell apartment back in home country (C.I.S. country). Will sell it for $230K. The property is under my moms name, she will be transferring money to me.

I want to use it to buy home here in Seattle area, condo is fine for now.

Do I need to pay taxes on the money? Is it better if I buy it under my name by making it gift or under my moms name?

Thanks!

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*** Thread moved from "Moving to the US" forum to the Tax & Finances forum. ***


06-04-2007 = TSC stamps postal return-receipt for I-129f.

06-11-2007 = NOA1 date (unknown to me).

07-20-2007 = Phoned Immigration Officer; got WAC#; where's NOA1?

09-25-2007 = Touch (first-ever).

09-28-2007 = NOA1, 23 days after their 45-day promise to send it (grrrr).

10-20 & 11-14-2007 = Phoned ImmOffs; "still pending."

12-11-2007 = 180 days; file is "between workstations, may be early Jan."; touches 12/11 & 12/12.

12-18-2007 = Call; file is with Division 9 ofcr. (bckgrnd check); e-prompt to shake it; touch.

12-19-2007 = NOA2 by e-mail & web, dated 12-18-07 (187 days; 201 per VJ); in mail 12/24/07.

01-09-2008 = File from USCIS to NVC, 1-4-08; NVC creates file, 1/15/08; to consulate 1/16/08.

01-23-2008 = Consulate gets file; outdated Packet 4 mailed to fiancee 1/27/08; rec'd 3/3/08.

04-29-2008 = Fiancee's 4-min. consular interview, 8:30 a.m.; much evidence brought but not allowed to be presented (consul: "More proof! Second interview! Bring your fiance!").

05-05-2008 = Infuriating $12 call to non-English-speaking consulate appointment-setter.

05-06-2008 = Better $12 call to English-speaker; "joint" interview date 6/30/08 (my selection).

06-30-2008 = Stokes Interrogations w/Ecuadorian (not USC); "wait 2 weeks; we'll mail her."

07-2008 = Daily calls to DOS: "currently processing"; 8/05 = Phoned consulate, got Section Chief; wrote him.

08-07-08 = E-mail from consulate, promising to issue visa "as soon as we get her passport" (on 8/12, per DHL).

08-27-08 = Phoned consulate (they "couldn't find" our file); visa DHL'd 8/28; in hand 9/1; through POE on 10/9 with NO hassles(!).

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Hi All,

I have plans to sell apartment back in home country (C.I.S. country). Will sell it for $230K. The property is under my moms name, she will be transferring money to me.

I want to use it to buy home here in Seattle area, condo is fine for now.

Do I need to pay taxes on the money? Is it better if I buy it under my name by making it gift or under my moms name?

Thanks!

The question is whether you are a USC or LPR and subject to US tax laws. If not, then it does not matter. If you are, I would recommend your mother sells the house and send the money to you. However, you must report any amount above around $135K. There is some threshold that a gift from a foreign relative who is not a LPR or USC can send to you without paying a gift tax, but I do not remember the amount. You might want to check the IRS website. My wife sold her apartment in Almaty which she owned, but to avoid any tax complications in trying to figure the capital gains on her property, we just had her mother sell it and wire us the money. It was below the reporting threshold, so I did not worry about that and figure the bank reported the transfer and it was stated as a gift.

Dave

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The question is whether you are a USC or LPR and subject to US tax laws. If not, then it does not matter. If you are, I would recommend your mother sells the house and send the money to you. However, you must report any amount above around $135K. There is some threshold that a gift from a foreign relative who is not a LPR or USC can send to you without paying a gift tax, but I do not remember the amount. You might want to check the IRS website. My wife sold her apartment in Almaty which she owned, but to avoid any tax complications in trying to figure the capital gains on her property, we just had her mother sell it and wire us the money. It was below the reporting threshold, so I did not worry about that and figure the bank reported the transfer and it was stated as a gift.

Dave

Dave, was your wife's mother a USC or LPR when she sold the apartment?


R5 Case, Parent of USC:

USCIS:

2014-10-14: I-130 Sent

2014-10-20: NOA1 Received in mail. Case sent to Vermont Service Center

2014-11-25: Case approved at USCIS

2014-12-09: Case got to NVC

2015-01-13: NVC assigned a case number and invoice # (obtained via phone)

2015-03-06: AOS invoice received via email

2015-03-06: AOS invoice paid online

2015-03-07: Submitted DS-261 Agent Form online

2015-03-26: Sent AOS and IV packages (hard copy) in one package

2015-03-30: NVC received AOS and IV packages

2015-04-24: AOS and IV packages reviewed and complete

2015-04-24: IV invoice received via email

2015-04-30: IV invoice paid online

2015-05-04: Submitted DS-260 Form online

2015-05-04: Received email acknowledgment from NVC about DS-260 Form submission. It said the review will take Up To 30 Business Days!

2015-06-05: Called NVC to request case be reviewed by supervisor since past 30 days... case in limbo

2015-06-15: Another supervisor requested the case for review...

2015-06-19: NVC Case Complete (learned over the phone)

2015-06-26: Received NVC email about Case Complete, dated 26-JUN-15

2015-07-15: P4 Email came about interview scheduling, scheduled for August 25

2015-07-24: Medical

2015-08-12: Interview in Tbilisi, Georgia (Original interview date was August 25)

2015-08-19: ELIS fee paid

2015-09-12: POE JFK

2015-10-03: Green Card Arrived

2015-10-09: Applied for SSN Card at the SSN Office

2015-10-16: SSN Card Arrived

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Dave, was your wife's mother a USC or LPR when she sold the apartment?

Neither. I am the USC. M wife is the LPR. My MIL (wife's Mother) is a citizen of Kazakhstan. As she is a non USC nor is she a LPR the IRS allows citizens of other countries that are relatives to gift up to $135K before it must be reported on some IRS or US treasury form. Since we were well below the amount I did not do any more research.

Dave

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