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nchank
Returning Member

Gift Cash transfer from Foreign account to U.S. account


Cash gifts were deposited into Foreign account and all the appropriate FBAR, 3520, 8938 forms have been filed, with respect to this cash gift.  

Question :

Now, do we need to file any other tax forms when transferring this cash from the Foreign account to U.S. bank account. 

 

Are there any taxes to be paid (federal or state) when this transfer takes place.  There was no tax liability when this cash gift was received.

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1 Reply
SusanY1
Employee Tax Expert

Gift Cash transfer from Foreign account to U.S. account

No, when you transfer forms from your own foreign bank account to your own U.S. bank account you do not need to report the transaction on your tax return and no tax is due on the transfer. 

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