Tax implications for transferring my own tax paid savings from India to USA

Makuchaku · ‎December 12, 2019

Hi everyone,

I'm planning to transfer my own tax paid savings (>$100k) from India to USA via a forex transfer.

These savings (& source bank accounts) are well declared in my previous FBAR filing.

Will I own any income tax in USA on the money received via this forex transfer?

Thank you!

Critter · ‎December 12, 2019

There is no INCOME tax implications for moving YOUR OWN money from one "pocket" to another "pocket" because it is not INCOME thus it is not reported on an INCOME TAX return.

Makuchaku · ‎December 12, 2019

That's great to know. Any forms for IRS i need to fill to showcase this exchange of money?

Thanks!

DoninGA · ‎December 12, 2019

@Makuchaku wrote:

That's great to know. Any forms for IRS i need to fill to showcase this exchange of money?

Thanks!

No, there are not any IRS forms that you need to complete for a transfer of these funds.

Tax implications for transferring my own tax paid savings from India to USA

Get your taxes done using TurboTax

Get your taxes done using TurboTax

Get your taxes done using TurboTax