You will have to file Form 1116 with your taxes to get this credit. Depending on your tax situation and the foreign tax rate, you might or might not get all your foreign tax back as a credit, but you should get at least most of it back.I don't know of any tax on bringing money into the US. However, if you are a US resident or citizen, I'm pretty sure you owe the US tax (presumably LTCG tax) on the sale proceeds of $50k, and you can get US foreign tax credit on the tax you paid in the foreign country.
Statistics: Posted by grabiner — Wed Sep 04, 2024 8:28 pm — Replies 4 — Views 458