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Bring money from India

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  • Bring money from India

    Hello friends ,

    Not sure if there is already a thread on this , just in case if there is one please do point me to that .

    I am on H1B and I just got my I-140 approved . We own a property in India (approx. valuation of 80K$) and at this time we planning to a buy a house is US . We were planning to sell the house in India and move the money to US .
    1. Can I bring the money from US to India ? What is the process for that ?
    2.Will there is any tax liabilities on this 80K in US ?
    3.is there any form which I need to fill with IRS so as to avoid any audit ?

  • #2
    Beyond FBAR filing requirements, there is no US reporting or taxation on moving your money from one country to another

    If you realize a gain on the sale on your house, you'll be liable for capital gains taxes - exactly the same as if you sold a house in the United States