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I’m selling my house in the Philippines what will happen when I bring the money to the US?
blackbeauties
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I’m selling my house in the Philippines what will happen when I bring the money to the US?
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The US and the Philippines have a tax treaty that describes all of this should you wish you view this in more detail. https://www.irs.gov/pub/irs-trty/philip.pdf The US will not collect tax for real property sold in another country (and vice versa).You will want to convert the funds to USD in the Philippines before wiring it back to the US.There is a stamp tax on the transfer of Php to a foreign country per every Php 100Bank wire transfer fees of USD are usually a fixed amount per transferThere is no tax for funds transferred to your own account if you are the owner of the funds.If the funds are under another person's name then it gets complicated depending on who the person is. Please read turn to the reference link or hire an accountant.
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bring how? you wouldn't go past immigration if you have cash of $10,000 or more as you need to declare it. But if it's in your bank account…you still can bring it with you of course.