I'm an American living in Poland. I purchased a home with American income and plan to return to the States in the future. Does anyone know if I will be liable for taxes or have problems transfering money back to the USA?
How to send back large amount of money from Poland to USA
As an American you are subject to income tax on your world income each year and must file a US tax return if you make over $8950 if single or $17900 if MFJ(note these amounts change each year). You will get a foreign income exclusion if you qualify.
As for selling your residence in Poland when you move to the US, the gain would be not taxable if you qualify for the 2 out of 5 year rule & the gain is $250000 or less if your single or the gain is less than $500000 and you file MFJ and both of you qualify for the exclusion.
The 2 out of 5 year rule: You must have owned & lived in the property as his or her main home at least 2 years during the five year period ending on date of sale.
As for selling your residence in Poland when you move to the US, the gain would be not taxable if you qualify for the 2 out of 5 year rule & the gain is $250000 or less if your single or the gain is less than $500000 and you file MFJ and both of you qualify for the exclusion.
The 2 out of 5 year rule: You must have owned & lived in the property as his or her main home at least 2 years during the five year period ending on date of sale.