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rem121 · Joined: 07 Oct 2010 Posts: 1 1.36 Dollars($)

My wife a naturalized US citizen may transfer $40k from Costa Rica to US as a result of a lot that may be sold that was owned by her Dad. The proceeds of the sale would be split between her and two siblings. We understand she will have to arrange to secure 15% of proceeds to cover Capital Gains tax. Are there other taxes (gift, state, etc) that will also have to be paid? Is there any way to avoid or delay these taxes?
Also, since proceeds would be split three ways is there a way to relieve here from direct liability for the total taxes due on $40k leaving her responsible for just her share?
Thanks

jameshogg · Posted: Thu Oct 07, 2010 10:37 pm Post subject:

Hi rem,

As far as I can understand, your wife will be liable for paying capital gains tax. I don't think she will have to pay any other taxes. She can purchase a real estate worth the same amount that she receives from the sale of the property in order to avoid capital gains tax.

Thanks

gmakerley · Posted: Fri Oct 08, 2010 2:36 pm Post subject:

Are you speaking of capital gains taxes in the US or in Costa Rica? That's important to know, so you can get the proper answer from someone who knows the tax laws. I can't imagine there's going to be any tax in the US for property that was sold out of country. That simply doesn't make sense to me. But of course, there could be.

As for the split, it would certainly seem appropriate that all three siblings pay their fair share.

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