No. However, you must report the bringing in of $10,000 or more. You may get away with it, but there is a heafty fine, for getting caught.
If you are a US citizen you are taxed on your worldwide income, so yes you would pay tax in the U.S. on the realized profit for an investment in foreign real estate. You would get a credit though for taxes that you had to pay in the foreign country on the sale of the property, but it might not be a $ for $ credit. If you aren’t a U.S. citizen then there would not be a tax for bringing the money into the U.S.
1. A U.S. citizen or permanent resident must report all the world wide income. So if you have profit from the overseas property, you need to report it on schedule D.
2. If the property is your home, then you may be able to exclude profit up to $250,000 if you meet the ownership test and the use test (same as for residential property in the U.S.).
3. If you had to pay taxes on the profit in the foreign country, then you can claim foreign tax credit by filing Form 1116. This credit will appear on line 47 of Form 1040.
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