Hello Expat Forum. Apologies for the long winded info request.
Background: I reside in Florida & have owned a retirement Casa in Mexico for 4 years. I am about to sell the Casa with the intent of buying another Mexico property. There are no capital gains with the sale, overall I lost money over the 4 years. Payment for the original purchase was made by transfer from my US account into the realtors US account. The money from this sale will be repatriated cross-border via bank transfer from Mexico into my U.S. account.
To date I have not communicated with the Treasure or IRS regarding ownership of overseas assets [referencing Expat Taxes Made Easy-2017 edition].
Questions:
1. Repatriating the Casa sale money to the U.S. - With respect to the U.S. authorities, and me staying out of trouble, if I am unable to find a new property following the sale and wind up transferring the property sale proceeds back to the US, do I need to make any filings following transfer of the money into the US account. Am I at risk of raising any red flags with this transaction.
2. Referencing Expat Taxes Made Easy, and in regard to ownership of an overseas retirement asset, how important is it to file the likes of IRS FATCA / FFA and Treasury Form 114. Are there potential implications of not having made these filings in the past.
Thank you in advance to anyone who might have some wisdom to share.
Regards- JonJet
Fort Lauderdale
Background: I reside in Florida & have owned a retirement Casa in Mexico for 4 years. I am about to sell the Casa with the intent of buying another Mexico property. There are no capital gains with the sale, overall I lost money over the 4 years. Payment for the original purchase was made by transfer from my US account into the realtors US account. The money from this sale will be repatriated cross-border via bank transfer from Mexico into my U.S. account.
To date I have not communicated with the Treasure or IRS regarding ownership of overseas assets [referencing Expat Taxes Made Easy-2017 edition].
Questions:
1. Repatriating the Casa sale money to the U.S. - With respect to the U.S. authorities, and me staying out of trouble, if I am unable to find a new property following the sale and wind up transferring the property sale proceeds back to the US, do I need to make any filings following transfer of the money into the US account. Am I at risk of raising any red flags with this transaction.
2. Referencing Expat Taxes Made Easy, and in regard to ownership of an overseas retirement asset, how important is it to file the likes of IRS FATCA / FFA and Treasury Form 114. Are there potential implications of not having made these filings in the past.
Thank you in advance to anyone who might have some wisdom to share.
Regards- JonJet
Fort Lauderdale