topic Moving money from personel foreing bank accounts into US in Get your taxes done using TurboTax

Moving money from personel foreing bank accounts into US

ExpatMex — Tue, 31 Dec 2019 15:32:42 GMT

Do I need to report any money transfer from my abroad bank accounts to my US bank account?. That money already paid taxes at country of origin.

Re: Moving money from personel foreing bank accounts into US

surgerygalore — Tue, 31 Dec 2019 15:37:00 GMT

hello

you do not need to report the transfer of the funds

you do need to report the existence of any foreign acct

if income generated abroad, you will pay taxes in the country where it was generated

if US citizen or resident you will pay US taxes on any income generated above

Tax treaties exist with most european countries

hope this helps

be more specific and i will try to address your issue

happy new year!

Re: Moving money from personel foreing bank accounts into US

DoninGA — Tue, 31 Dec 2019 15:37:16 GMT

The transfer of funds from your personal foreign bank account to your personal US bank account is not a taxable event and is not reported on your tax return.

Re: Moving money from personel foreing bank accounts into US

surgerygalore — Tue, 31 Dec 2019 20:41:03 GMT

Hello again ExpatMex

A "transfer of funds" is an action, a process, that as such obviously you do not need to report - you do not report that you have transferred funds!

Yet, you are TRANSFERRING FUNDS FROM A FOREIGN ACCT. AND YOU HAVE PAID INCOME TAXES ON THOSE FUNDS

Consequently, I reiterate:

1. You need to report foreign accounts on the FBAR site, Foreign Bank Account Reporting - check their instructions

2. Since the funds you transferred are indeed income, you say you paid taxrs in the country from where you are transferring the funds, you will need indeed to declare these funds to IRS and pay US taxes

3. Depending on the Country of origin of these funds, there may or may not be a Tax Treaty between taht Country and the US

In conclusion

foreign accounts need to be reported to FBAR - stiff penalties if you do not, up to 50 % of balance

income generated above is reported on your US tax return whether or not you paid taxes on the Country where the income was generated

best of luck