What are the legal terms for selling a home in the United States from outside the country?
We are U.S. citizens of Indian origin. We sold our grandmothers home in India. The funds are in tax free bonds for three years, as we would have to pay 22% tax over there. Do we have to file any information in the U.S.? Do we pay taxes in the U.S. when the bonds come due and the funds transferred into our U.S. bank accounts?
Answered By: David Hoines Law
You need to consult a CPA, as Americans are subject to tax on worldwide income.
Answer Applies to: Florida
Replied: 7/20/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Florida
Replied: 7/20/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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