Tax law changes

Generally, you will not pay tax if you are just transferring funds from one of your accounts to another of your accounts, assuming that these funds are after-tax funds that you have already paid tax on (i.e. wages, business profits, etc.) If these are funds from inheritance, gifts, capital gains, etc. then it could be reportable/taxable. 

 

Keep in mind that a US person that has a financial interest or signature authority in a foreign financial account with an aggregate value of foreign accounts exceeding $10,000 at anytime during the calendar year must also file an FBAR. 

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