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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 6907
Experience:  15years with H & R Block. Divisional leader, Instructor
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Hi Im a US permanent resident. I have a house in my home

Resolved Question:

Hi
I'm a US permanent resident. I have a house in my home country that I want to sell and bring the money to US. It would around 1,000,000 to $2,000,000 total. How can I transfer it tax free?
What sort of forms or permits do I need to apply for?
Submitted: 8 months ago.
Category: Tax
Expert:  Robin D. replied 8 months ago.

Robin D. :

Hello and thank you for using Just Answer,

Robin D. :

The transfer of the money itself would not be a taxable event/

Robin D. :

The sale of the property is what will be taxable. As a US resident you will be taxe don the gain.

Robin D. :

You would work through your bank to transfer the money to the US. Any forms would be bank required forms not tax.

Customer:

I'm an Iranian citizen. My friends have applied for some sort of permission to transfer the money. They also could avoid the tax later on since it was their residence. DO you know how that works?

Customer:

By the way, thanks for the answer so far Robin

Robin D. :

If the property were you main home for 2 out of teh last 5 years prior to tthe sale you would be allowed to exclude gain up to $250,000 if single or if married filing joint $500,000

Robin D. :

If the home was your main home then you would have tax relief on the gain just up to those amounts but first you woudl have to calculate your gain.

Robin D. :

Gain is difference in basis and sale amount

Robin D. :

Did you purchase the property?

Customer:

yes, about 10 years ago, before I became a permanent resident

Robin D. :

When was the last date you used the property as your main home

Customer:

and I'm planning to buy a house here in US

Customer:

about a year ago

Robin D. :

Then you would be able to exclude up to the limit based on your filing status. Do you file single or married joint and if joint was the home also your spouse's home for the same time?

Customer:

yes, it was

Robin D. :

Then you would be able to exclude up to $500,000 of the gain.

Customer:

What about the fact that the property is in Iran? because of sanctions a regular transfer is not possible

Customer:

but there is some sort of permission for permanant residents for transfering

Customer:

as far as I've hear of

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 6907
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and 5 other Tax Specialists are ready to help you
Customer: replied 8 months ago.

I had to leave the chat Robin, I would appreciate your answer on the last question. Thanks

Expert:  Robin D. replied 8 months ago.
The OFAC lic is not a tax requirement that is a legal matter.
http://www.sanctionlaw.com/2011/02/13/three-3-keys-to-drafting-an-ofac-specific-license-application/

That is outside the scope of taxation.

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