transfering funds from abroad

As our daughter will establish herself in the States we are considering to transfer funds from Europe in order to buy an apartment in Chicago.

question is if she leaves States within 3 to 5 years and we re-sell the apartment could we fly back the funds to Europe?

It partly depends upon your country of residence and whether there is a reciprocal agreement on taxation between the US and your home country - but there could also possibly be an additional capital gains tax implication, which would depend upon the nature and term of your holding the property, as well as how the property is titled.

If, for example, the property was titled in your daughter's name and it serves as her primary residence for two of the five years preceeding the sale, any gain on the property could be exempt from tax, up to $250,000. However, if the property is essentially a rental property, upon the sale there could be capital gains, plus each year there could be ordinary income tax due on rents (minus applicable expenses, but an income tax return would need to be filed either way).

Some additional information will be helpful to analyze your situation.

I believe it's possible. But I believe that you should know the advantage and disadvantage of the situation when it happens. There are alot of things to consider in that matter. Goodluck!

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