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I am an Australian living in NY. I have sold one property in…

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I am an Austral*****...

I am an Austral***** *****ving in NY

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have sold one property in Australia for $265,000AUD (currently rented). I am selling a second property for $350,000 (AUD) currently rented, not sold yet I want to bring the money to USA to buy a primary residence Any idea on what tax I will incur when I sell the properties?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

There is a mortgage across both properties - mortgage is $311,000

Submitted: 4 months ago.Category: Finance
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Answered in 14 minutes by:
10/19/2017
Financial Professional: emc011075, Tax adviser replied 4 months ago
emc011075
emc011075, Tax adviser
Category: Finance
Satisfied Customers: 3,380
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Hi. My name is ***** ***** I will be happy to help you

Are you US resident or dual Australian/US citizen? How long have you been living in NY? What is your immigration status in US?

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Financial Professional: emc011075, Tax adviser replied 4 months ago

Money transfer is not a taxable event. But depending on your residency status (non-resident, resident or resident for tax purposes - meeting substantial presence test), the actual sale may (or may not) trigger a taxable event.

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