pk
Level 15
Level 15

Get your taxes done using TurboTax

@Mirka1   NO that is not true .   Once you have become  a  US Person ( citizen / GreenCard / Resident for Tax purposes ), you are required to recognize your world income and be taxed by the IRS on it.    Thus if the sale/ disposition occurred  after you became a US person, that transaction need to be recognized ( reported ) and be taxed , even if  it has already been taxed  by the country where the asset was situated.     

Please recognize that  the penalty  for non filing of a return / failure to pay taxes,/ failure to file FBAR and  FATCA forms  are very onerous.   Please follow the laws and truthfully so.

 

Monies transferred to the US and deposited in a US bank account, falls under  treasury rules  and any amount over US$10,000 will generally  cause the bank to raise  SAR ( Suspicious   Activity Report  ) as a matter of course and  usually nothing happens --  larger the amount more likely to draw  US treasury attention.

 

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