Hello and thank you for using Just Answer,
The transfer of the money itself would not be a taxable event/
The sale of the property is what will be taxable. As a US resident you will be taxe don the gain.
You would work through your bank to transfer the money to the US. Any forms would be bank required forms not tax.
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?
By the way, thanks for the answer so far Robin
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
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.
Gain is difference in basis and sale amount
Did you purchase the property?
yes, about 10 years ago, before I became a permanent resident
When was the last date you used the property as your main home
and I'm planning to buy a house here in US
about a year ago
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?
yes, it was
Then you would be able to exclude up to $500,000 of the gain.
What about the fact that the property is in Iran? because of sanctions a regular transfer is not possible
but there is some sort of permission for permanant residents for transfering
as far as I've hear of
I had to leave the chat Robin, I would appreciate your answer on the last question. Thanks