selling apt in europe, buying apt. in new york

02-29-2008, 08:10 AM

Junior Member

Join Date: Mar 2005

Posts: 20

selling apt in europe, buying apt. in new york - taxes

What is the name of your state? NY

Hello Forum!

My wife and her mother (both US residents) are selling their old apt in Moscow. Mother owns 2/3 of it and my wife the remaining 1/3.

They want to use all the proceeds (400k) to buy the coop/condo in brooklyn/manhattan in a few months.

Would the proceeds be subject to any US taxes? taxes are on sale are paid in Russia.

Thanks!

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