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Old 04-12-2015, 02:42 PM
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Default Tax in US for capital gains from property sales in another country

I am a non-citizen permanent resident in US. I am going to have some earnings from property sales in India, but I will give all of that money as Gift to my parents in India. I will not be transferring any of that money to US.

Do I have to pay taxes for that money in US even if I do not have the money for property sales. Would that money still be a capital gain for me ?
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Old 04-12-2015, 03:28 PM
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Smile Not only capital gains tax

Be cautious....You might be liable for gift tax in addition to the capital gains tax depending on the amount.

Frequently Asked Questions on Gift Taxes
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Old 04-13-2015, 01:48 PM
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Default

Quote:
Originally Posted by jsd123 View Post
Be cautious....You might be liable for gift tax in addition to the capital gains tax depending on the amount.

Frequently Asked Questions on Gift Taxes

What about property tax liable in US for the property gifted by parents in India?

Thanks
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Old 04-13-2015, 02:02 PM
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Default What do you mean ?

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Originally Posted by michaelmorton View Post
What about property tax liable in US for the property gifted by parents in India?

Thanks
Property tax is paid to the local city / county for the property that is owned in that city / county in USA. This property is located in India so there is no property tax to be paid in USA.

The OP has not mentioned anything about how the property was acquired so how do you assume that it was gifted by parents in India ?
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