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Tax Liability for PR (Green card holder) overseas property

Shoreline, WA |

I am divorced overseas. Came to US in late 2004. Sold overseas matrimonial hse of 20+yrs recently and want to know if there is any tax liability in WA, USA since overseas hse was bought in 1986 with part of retirement fund from both parties. Sales proceeds were distributed accordingly to our seperate retirement a/c and cash abt $300,000 awarded to me as divorce settlement in march 2009. Got green card in Q3 2008 and single. I am 50 yrs old and renting now. Am living with boyfriend and my kids. Have retirement a/c overseas like 401k and can't draw till retirement. I want to know my tax liability with regards to both issues. Understand if I bring money over to US at retirement age, and it earns interest then it is taxed. Pls confirm too.

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Attorney answers 1


The worldwide incomes of US citizens and LPRs are subject to US income taxes, unless specifically exempted by the tax statutes.

The US and some countries may have treaties with each other that limit some taxes.

In general, properties received as settlement of a divorce is not subject to US income taxes. Different rules apply if one of the divorced spouses is a nonresident alien.

WA has no state income tax for individuals. So, you likely do not have to worry about paying taxes to WA.

There are many missing relevant information regarding your situation. You may want to review your specific facts with an attorney.

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