Best way to bring $$ into the USA from a foreign bank account?

[Dan Grieve]

My wife inherited a townhouse in Belgium and it is a hot seller's market there right now. We want to sell it and bring that money here to the USA to reinvest. My accountant isn't very knowledged in the international tax implications or the best strategies for bringing a large amount of money into the USA from a foreign bank account? Has anyone done this? Can you connect me with anyone that has that international understanding?

Thank you so much.

Dan

[Account Closed]

I've never done it with a house, just inherited securities, but it doesn't seem like it would be anymore complicated. You file a form 3520 to report the inheritance and 8938 to report the foreign asset held by the estate with your tax return and probably a FinCen 114 separately because the proceeds likely need to go a Belgian Bank, then I'm sure some transfer fees and F/X fees to get it to US. Your accountant should be able to fill them out if you provide the information, none of the forms are that difficult, just have to read the instructions. R/E gets stepped up when it's a direct inherit so gains should be minimal. 

As a US citizen you're taxed on worldwide income, so if there is any gain or other income you report that in the US and a get a foreign tax credit for whatever you have to pay Belgium. No clue what the Belgium tax liability or filing requirements are, I would get a recommendation from whoever is settling the estate in Belgium.