If I sell a piece of land I own in Mexico, how do I get the money legally to the U.S?
What is the process for reporting money to the IRS and what is the best way of making sure that I will not be taxed as much if I were to immediately invest the money in immediately buying land here in the US? The amount of money we're talking about is anywhere between $750,000 or 1,500,000 +. It depends on the sale and buyers. Its not just pocket change.
Renting & Real Estate - 3 Answers
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1 :
I'd deposit it into a reputable bank in Mexico and get a debit card and simply spend the money down. How much is it?
2 :
Bank draft. As for how and what to report to the IRS, I'd suggest contacting them directly. Good Luck!
3 :
YIKES!!! For that much money, you need to talk to a tax lawyer before the deal closes ... some kinds of payment options are more taxable than others. If he can save you 5% in taxes, which is quite likely, that would be $37,500 more profit on the lower sale price. Don't try to hide the money ... just do all you can to legally keep your taxes down.
