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My mom is a us citizen living in the US. She bought my grandmothers

My mom is a us...
My mom is a us citizen living in the US. She bought my grandmothers apartment in Israel. Upon the death of my grandmother my mom sold the apartment. She sold it for 85, 000$ . She is in the lowest tax bracket in the us making less than 20,000$ a year. If she wires the money over here does she owe any taxes on the money.
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Answered in 1 minute by:
7/28/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,868
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Robin D :

Hello and thank you for using Just Answer,
Yes, if your mother is a US citizen or a resident alien she is taxed on her worldwide income. This means even if she does not bring the money back to the US.

Robin D :

She will need to report the sale on her US tax return for the year of the sale. If she received more for the property then her basis in the property she will be taxed on the gain.

Customer:

What is her tax liability. I thought if she was under the 15% tax bracket her liability would be zero

Robin D :

Her bracket will be determined by her gain as that amount will be added to her income now.

Robin D :

She needs to report the sale even if she has a loss.

Customer:

So her tax would be her income now plus the gain or loss on the sale of the apartment correct?

Robin D :

That is correct. The gain will be added to her regular income then:
The rates will be



  • 0% applies to long-term gains and dividend income if a person is in the 10% and 15% tax brackets,

  • 15% applies to long-term gains and dividend income if a person is in the 25%, 28%, 33%, or 35% tax brackets, and

  • 20% applies to long-term gains and dividend income if a person is in the 39.6% tax bracket.

Customer:

for example her gain was 30,000 dollars and her income is 19000. she would be responsible for the tax on 49000

Robin D :

Correct

Robin D :

This applies even if she does not wire the money back to the US

Robin D :

Remind her too

Robin D :

that is she has an account over there holding themoney

Robin D :

she will need to report that

Robin D :

I hope our CHAT has been useful

Customer:

So the upper limit for the 15 percent tax bracket is 65000 dollars. If her gross including the sale of the apt. is 45000 she would owe no tax to us gov

Customer:

but she would still have to file income tax for the sale of the property

Robin D :

She would need to file and if she has income of $5000 she will have a tax liability but not Capital gains tax

Robin D :

45000

Robin D :

sorry

Customer:

ok I see she would have regular tax liability not captial gains. Thank you

Robin D :

You are welcome

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,868
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,868
15,868 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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