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Hi and welcome to Just Answer!If you are US citizen or US resident for tax purposes - you need to report the sale transaction on your US tax return.The fact of transferring the money to the US by itself would not trigger any tax liability.
You need (1) start with the list of assets (2) allocate the sale price to each asset (3) calculate the gain separately for each asset.
The gain for each asset = (selling price) - (basis).The basis is mainly your purchase price of the asset (assuming the asset was purchased) adjusted by improvements and some other expenses.The gain on sale of a real estate - assuming you owned it more than a year - will be taxed at reduced rate - not more than 15%. However you might be required to recapture depreciation which will be taxed at higher tax rate.
If the same income is taxable in the US and abroad – you may claim a credit for foreign taxes paid – but not more than your US tax liability on that income.
Hi Lev This information is going to help allot thank you Can I contact you again if I have more questions about this matter
I will help you to estimate your tax liability if needed.Please also consider installment sale - that is reported differently and might defer and reduce your overall tax liability.
Please bookmark this page - so you will easily find it.You may come later to ask for clarification if needed. I might not be immediately available - but surely will reply.
Ok Lev Thank you How do I book mark it?
Hi Lev This is the 1st time I have used your service. Love this!!!!!!! I always have tons of legal questions. So do my family and friends. I will tell them about you guys for sure.
To bookmark - add this page to Favorites in your browser.If you have any difficalties - here is the address of this page - http://www.justanswer.com/tax/5czzg-sell-bread-breakfast-la-ventana-baja-ca.html
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Hi Lev got it I already have that covered on my iphone, ipad, and my big MAC
You are welcome. I am glad to be helpful.