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Get your taxes done using TurboTax
If you own a foreign account with more than $10,000 at any time during the year, you must report owning the account. No tax is actually owed.
The banks will report the transfer, if a report is needed. Transferring money that you already own from one account to another (no matter where located) is not a taxable event.
‎February 23, 2023
9:54 AM