Hello Everyone.
I am a dual Italian/US Citizen and live in the US full time. My mother is in the process of executing a transfer of her properties to me and my siblings without us having to pay her, although I am not sure this would be considered like a typical donation from a legal standpoint. Immediately after receiving this property, an apartment with garage, my sibling would like to buy it from me at a fair value. I would get all that money in one transaction, and plan on having it all transferred to my US bank account. Since I have not lived, nor will I want to live in that apartment in the future, I understand I will not be able to avoid capital gains taxes, which is fine with me. I'm assuming the Italian government will take some taxes out of that amount, and might be able to get a foreign tax credit or deduction. I am in one of the lowest tax brackets, and wondering what I should expect to pay percentage-wise in capital gains, as well as other potential taxes. By selling this property immediately after the "donation" from my mother, my sibling would pay all legal and notary fees, which tend to be quite high in Italy, so that might be an advantage over holding on to the property longer and NOT living in it, nor renting it out to anyone. Your advice would be much appreciated.
