Do my mother pay US tax if she sell her house that she owned before come to US ?

[nonamevn 0]

Hi everyone,

My mother owned a house around 15 years ago. She came to US 10 years ago and let I live in that house.

Now she is an US citizen. And I moved to US last year. So she want to sell this house and take her money to US.

My question is do she have to pay any US tax for that money ?

Thank in advance for any experience from you.

[Jojo92122 1,924]

Yes, she will need to report her profit from selling the house and pay US taxes on it.

US citizen are taxed on income made anywhere in the world.

If your mom has more than $10,000 USD in a Vietnam bank, she will need to report this to the US Government.

[nonamevn 0]

How can she report her profit ? Does she need any paper work from Vietnamese government ?

[Merrytooth 5,748]

You should consult a tax accountant.

[Jojo92122 1,924]

There are many Vietnamese-American accountants who can help your mom with this. Do not trust the ones that says she does not have to report this. This is the US, not Vietnam.

[skydog 4]

Do a 1031 exchange (invest in like-kind property) - no tax. You don't need an accountant or lawyer for this. The 1031 rules are very liberal. People do this often - not a big deal.