Hi,
I am an Indian national moving to USA from Bahrain and needed help with a few tax related questions. Would be glad if anyone is able to provide some guidance or point me to online resources where i could get some more information on these topics:
1. Gifting - will i have to pay tax on cash gifts that i receive from family living outside of US?
2. Loans to Family - is it necessary to show interest income on loans provided to family even if loan was made on the condition that there are no definite repayment terms - i may not even receive the full principal back. If i write-off the loan today but receive some repayment later, will i have to consider the full amount as income?
3. Sale of property - i own an apartment in india which is valued more than the purchase price - if i sell this apartment after moving to US, will i have to pay capital gains tax on the full gain (sale price less purchase price) or does US allow for some cost adjustment based on inflation or similar parameter? Are there any options to offset the capital gains such as buying property in the US in the same year?
4. I am moving to US in August and have not been in the country during the last few years. Therefore i would not meet the substantial presence test for 2018. Therefore, is it correct to assume that in 2018 i would have to pay US taxes only on US sourced income (i.e. salary in US and any US investments) and i would not have to pay US taxes on foreign income earned after moving to US in August but before Dec 31, 2018 even if the income is credited to a US bank account?
Thank you in advance for your help.
Regards,
Rajat