international fromer primary residence

[new_days]

MA

Hi,

We have a former primary residence outside of the US. Me and and my sibling have been in the MA, US over 8 years, and my mother moved to US 2 years ago. We had that apartment for the last 36 years.

We would like to sell it now, and it's original value is very hard to determine, as currency in the that country had changed over time too.
So the question is, if we sell the apartment and transfer money to US, what are (if any) tax implications of it?

Thank you!
AnnWhat is the name of your state?

[LdiJ]

Originally Posted by new_days

MA

Hi,

We have a former primary residence outside of the US. Me and and my sibling have been in the MA, US over 8 years, and my mother moved to US 2 years ago. We had that apartment for the last 36 years.

We would like to sell it now, and it's original value is very hard to determine, as currency in the that country had changed over time too.
So the question is, if we sell the apartment and transfer money to US, what are (if any) tax implications of it?

Thank you!
AnnWhat is the name of your state?

Citizens and legal residents of the US are required to pay tax on their world wide income, but they also get credits for foreign taxes paid.

You and your sister did not live in the apartment for two of the last 5 years, therefore it does not qualify as a primary residence for either one of you. It probably does however, qualify as a primary residence for your mother.

[Snipes5]

You might be able to use as basis the value of the property when the seller became a US Resident for tax purposes.

Contact a tax professional to sort this out. They will have to take a look at any tax treaties with the other country.

Snipes