I have sold an overseas property that i had declared to IRS earlier. Understand that i need to pay taxes for the gains;
- It has been > 5yrs since i got this property, and hence i might be taxed with long term capital gain tax% right?
- If I could bring the funds (gains) and reinvest them in properties in USA, can I avoid capital gain taxes in USA?
- Is the computation for gains right? = (Sale amount - Initial investment mount - any expenses to buy/sell the property); Cannot include any amount spent on mortgage interest >> Those might just impact rental gains but not property sale gains right?
- Should we inform IRS on any funds/wire transfer that i do to bring those funds? I have already declared this property to IRS for last 5x years; Since its coming from my own account overseas to my account in USA, will there be any taxes (gift) at USA?
- How much funds can I bring into USA per year (wired)? Do I need to alert IRS for any such funds transfer?
- Is there any tax form that i need to file for above transactions?
- What is 1031 exchange?
- Which turbo tax package has knobs to address above items so that I could file my taxes just using turbo tax?
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- I bought a rental property in USA that is on trust; I had some expenses on the house for last year, but no rental income. Can I use that to offset my rents that I got from overseas?
