Updated over 14 years ago on .
Most recent reply
presented by
Reduce/Defer Tax on profit from international sale?
We have a property overseas that has sold and we'll be heading over next month to wrap things up. We will be wiring the money back to the US, and plan to use it for future REIs.
I'm wondering if there are any ways to reduce the taxes on this money (roughly 30%) since it will go towards acquiring and rehabbing single family properties. I have everything taken care of in regards to what is due to the other country, now I'm seeking advice for the US side. We have consulted a professional on how to go about the taxes, but it was strictly how much and how to file, rather than strategies to reduce.
If you have any suggestion, we would love to hear.
Most Popular Reply
The profit on the sale of your overseas property will be taxable. It does not matter that you plan to use the money for future investments.