pk
Level 15
Level 15

Get your taxes done using TurboTax

@ricardoj333 

first ---- bringing in money from another country does not automatically  become a tax even  i.e. to be reported and taxed .  US citizen/ resident ( green Card ) Resident for tax purposes are taxed by the USA on world income and generally given credit/ deduction for taxes paid to another country  .

second -- source of the money becomes important -->  1. if from investment, then it is taxable;  2. if gift from a foreign person, inheritance from foreign source  etc. when above $100,000 need to be reported  even though it is not taxable;  3. if  this is your own money ( presumably that has been taxed  ) sitting in a bank , then while the base amount is not taxable , any earnings is reportable and taxable

third -- if you are planning to bring in large amounts every year, then there always  will be question, as to the source ., whether it is income and therefore taxable and why  being brought in year by year.

Those are the generalties ---   if you want more  detailed  information, please tell about the  source of the money and why are you bringing  in bit by bit.

 

Also note that if the money is sitting in any foreign bank / trust etc. you may have had  to and need to report  under FBAR and FATCA regulations.  This makes it more imperative that we understand the source of the  money.