US Tax advice needed.

[Isabo]

US Tax advice needed.
I'm posting this here as the Pelican OT Board seems to work lots better than a search engine.
Some friends of mine are selling up and returning to the US after ten years in Europe. The sale of their business and home will leave them with a useful sum which will go to finance their new home and business. What they are worried about is would their be any tax liability owed in the US on the money they are bringing in.
Thanks a lot.

[svandamme]

if i understand correctly , if you keep the us passport abroad, you're still liable - the taxes you payed outside the us...

so in holland, you'de never be liable for the normal paycheck, since the taxes here are higher

in dubai , you'de be liable for your normal paycheck, since there is not income tax there..

houses, depends on how you see that, it's not regular income , i've never heard of any import taxes on money in the bank from expats coming here from the us
or from those that returned...

one would think that house money , allready has been taxed once, before it was spent on the house... so it can't be taxed again?

[on-ramp]

here's a rule of thumb. Any transaction where you benefit in some way shape or form gets taxed.
Unless of course, you're rich, then you don't have to pay any taxes.

[svandamme]

does one pay taxes if one sells his house in the us?

[Flatbutt1]

I believe there is a $10K limit on cash coming into the US. But if they establish an overseas bank account they may be able to draw on it.

[svandamme]

that limit, wouldn't that be for normal travel
this is for relocation , i would think different rules apply

for example , in holland,
folks who move into the EU also get to import their car without the BPM tax normally charged in NL for importing cars...some rules do apply , you can't sell that car for a year, can't rent it out , stuff like that

[LeeH]

Here is an IRS Tax Guide for US citizens living abroad:
http://www.irs.gov/publications/p54/index.html

And FAQ:
http://www.irs.gov/faqs/faq13-7.html

[Isabo]

Those sites look really useful.
Thanks everyone.