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I am selling apartment in Russia were my family lived for about

20 years. What is the...
I am selling apartment in Russia were my family lived for about 20 years. What is the best way to transfer money here to USA? Should I pay taxes for this money?
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Answered in 1 minute by:
10/1/2013
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,130
Experience: Taxes, Immigration, Labor Relations
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Lev :

Hi and welcome to our site!
Do you own that appartment? Are you a resident or nonresident in Russia?

Customer:

Yes I own this apartment I am resident of Russia and USA

Lev :

If you are a resident of Russia - and use this apartment as your primary residence - the gain is not taxable in Russia.
In the US you may exclude the gain from selling your primary home - up to $250k or single person - if the property was used as your primary home at least two our of last five years.
There is no difference how the money are transferred.
However - if you will have an account in Russia - you might be subject of FBAR reporting.

Customer:

What is FBAR?

Lev :

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing a Report of Foreign Bank and Financial Accounts (FBAR).

Lev :

United States persons are required to file an FBAR if:
1.The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2.The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

Customer:

It looks like you have answered to all my questions.

Customer:

Thank you very much

Lev :

You are welcome.
For details about excluding the gain from selling your residence - see IRS publication 523 -
Same rules are for property in the US or abroad.

Customer:

Have a great day!!!

Lev :




Lev :

Please be sure to come back if you need any clarification.

Customer:

Sure. I will.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,130
Experience: Taxes, Immigration, Labor Relations
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Lev
Lev
Lev, Tax Advisor
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