Hello,
Thank you for taking my question.
I sold a property in India around April 2024. After appropriate taxes were withheld, I deposited the sale proceeds into my bank account in India. I recently wire transferred the sale proceeds to my US bank account. All relevant documentation is available - sale deed, deposit slips, overseas transfer request form etc.
Based on my understanding, when I file taxes next year:
1. I must report this sale on my 2024 tax return (I file as "Married filing jointly")
2. File FBAR as the bank account in India had excess of $10,000 due to this sale.
3. File form 8938 (though it may not applicable in my case as the Indian bank account did not meet either $100,000 or $150,000 threshold)
Now my questions are:
1. In addition to the three filing requirements mentioned earlier, are there anything else I need to report/file?
2. Do I need to report anything to the IRS/Treasury about the recent international wire transfer (i.e. any reporting to be done this year)? If so, what forms do I need to file? Is it true that the FBAR that will be filed next year will suffice?
3. Are there any reading materials online that explain what needs to be considered when money received from foreign inheritance, property sale, sale of investments etc are transferred to the US and its reporting requirements?
Thank you for your assistance.
