Aug 29, 2010
Hi Eveybody
My life saving in Pakistan is a 10 marls house, Faisal Town, Lahore - now I have moved to USA permanently with family. Now I want to sell my house and transfer money to USA. Here in USA my intention is to buy a house for living.
1-Question-1: How I can transfer money to Canada legally as per Pakistani and Canadian foreign exchange transfer procedure.
2- Question-2: Suppose I get legally $xx amount in USA, Is this $xx amount is taxable in usa? and how much %age of $xx amount is taxable?
From USA replied on Sunday, August 29, 2010 05:49 PM
From USA:
Correction: replace Canada to USA |
AXY replied on Sunday, August 29, 2010 09:15 PM
Brother,
Bringing money in a country is never taxable as this benefits the country economy.The method to bring is to have draft from an international bank in pakistan and I am sure you should not have any problem,Please do verify this with some nody as I have never done this. |
guest replied on Sunday, August 29, 2010 11:24 PM
I do not know the answer to question 1. Others can help you better.
Regarding the second question, US residents need to pay taxes on their worldwide income. You will need to calculate the gain you made (Sale-purchase price) and that gain amount will be subject to capital gains taxes.
As for loophole, you can show this amount as a gift. US citizens can recieve $13,000 ($26,000 if married) in gift without having to pay taxes. I say show, but this will not really be shown on your taxes. Only if you are audited. |
Suggestion replied on Monday, August 30, 2010 02:51 AM
I don't know your plans but suggest to rent out instead of selling the house. |
