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How do you transfer currency money to the United States without them taking out taxes?

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  • How do you transfer currency money to the United States without them taking out taxes?


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Answer #1 | 09/11 2009 08:24
The United States won't withhold taxes, but Mexico might. You would have to declare the gain (difference between selling price and cost, less adjustments for depreciation) on your United States tax return. If you pay any tax to Mexico, you would get a foreign tax credit on your United States tax return.
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Answer #2 | 09/11 2009 08:24
1. Mexico will charge you taxes because the property is in Mexico. if so, take a credit for the taxes paid on your US return (form 1116). 2. The US will tax you on worldwide income, so you must report the sale of the property on schedule D. It's your responsibility to pay the the US taxes. You convert pesos to dollars on the day of the sale.
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Answer #3 | 27/01 2014 09:00
Did you sale your property if so did you pay taxes? I have the same situation and I'm trying to figure things out. Thanks Edgardo
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