# Asset transfer to the US



## MikeF1111 (Oct 4, 2010)

Hi all,

My situation is this: I came to the US on a temporary work visa about 4 years ago and when I did so I always intended to go back, so I kept the flat that I own and have been renting it out (which is fine, although it makes my tax situation "interesting"). I'm now at the point where I'm strongly considering staying in the US permanently, so I'm thinking that I would want to sell my flat and bring the money over to the US to buy somewhere here. Does anyone know what the tax implications of that would be? Do I have to pay capital gains tax on the sale price (I wouldn't be surprised if the actual price hasn't gone up all that much since I bought it, what with the current economic situation)? I also have a nasty feeling I may have to pay taxes on the full sale price, which would make it something of a no go.

Thanks in advance

Mike


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## Bevdeforges (Nov 16, 2007)

It all depends on your current tax status in the US. If you currently file your US taxes as a "resident" then you have to declare your worldwide income, which would include any gain on the sale of your property back home. (And actually, you should have been declaring the rental income on the place, though you can offset any taxes paid back home on the rental income.)

If you're still filing as a non-resident (depends on how many days you've spent in the US over the last few years - there's a long, elaborate formula in the tax instructions to determine this), then you only have to declare your US source income. Check publication 519 for details.
Cheers,
Bev


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## MikeF1111 (Oct 4, 2010)

Hi Bevdeforges,

Thank you for that. I know about the rental bit and have been paying taxes on the rental income, so I'm covered there. I was more concerned that I might have to pay taxes on the full sale price if I sell the property, rather than just the difference (which would still be annoying, but markedly less so).

And I am definitely resident in the US for tax purposes. I've been in the US for about 330 days a year each year since 2007


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