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I am thinking of selling our condo here in USA, in Hawaii.

Customer Question
I am thinking of...

I am thinking of selling our condo here in USA, in Hawaii.

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

We have lived in the place since may 2014

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

If we lucky to sell it high we will have a about $200K in cash after paying off the mortgage. we would like to transfer this $200K to Portugal Europe and buy house there, I have European Union passport. How much taxes we will pay for tranefring the money to Europe?

Submitted: 4 months ago.Category: Tax
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12/10/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

There is no tax due for transferring money from the U.S. to another country. However, there is the difference between the currency exchange rate. As far as the property that you are selling in Hawaii, if you incur a gain, and you qualify for the sale exclusion (maximum $250,000 if filing single, or $500,000 if filing jointly), you likely won't have to pay any capital gains tax. On the other hand, if you do not meet the requirements for the sale exclusion, you will be taxed either 15 or 20% on the gain amount depending upon your total income for the year. Now when determining whether or not you incurred a gain, you start with the cost basis (purchase price, plus improvements). If you sell the property for more than the cost basis, you incur a gain. Sell for less than the cost basis, you incur a loss. Either way, the sale still has to be reported on the Form Schedule D and Form 8949. Still writing....

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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Link to Form Schedule D:

https://www.irs.gov/pub/irs-pdf/f1040sd.pdf

Link to Form 8949:

https://www.irs.gov/pub/irs-pdf/f8949.pdf

-------------------------------------------

Report most sales and other capital transactions and calculate capital gain or loss on Form 8949 (PDF), Sales and Other Dispositions of Capital Assets, then summarize capital gains and deductible capital losses on Form 1040, Schedule D (PDF), Capital Gains and Losses. If you have a net capital gain, a lower tax rate may apply to the gain than the tax rate that applies to your ordinary income. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss for the year. The term "net long-term capital gain" means long-term capital gains reduced by long-term capital losses including any unused long-term capital loss carried over from previous years. The tax rate on most net capital gain is no higher than 15% for most taxpayers. Some or all net capital gain may be taxed at 0% if you're in the 10% or 15% ordinary income tax brackets. However, a 20% tax rate on net capital gain applies to the extent that a taxpayer's taxable income exceeds the thresholds set for the 39.6% ordinary tax rate ($415,050 for single; $466,950 for married filing jointly or qualifying widow(er); $441,000 for head of household, and $233,475 for married filing separately).

Reference Source:

https://www.irs.gov/taxtopics/tc409

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