Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
shafaat-ibm
New Member

Do i need to notify IRS or do i need to pay tax on 100k money transfer from my foreign saving account to US bank account?

i used to live in Ireland, the money i earn their through my job i left in Irish bank in saving account. I'm now US green card holder. now if I like to bring this money from Irish bank to my US account do i need to submit any form, or pay any tax? this income is before i came to the US. I paid tax to Irish Gov when i earn this money through legal income. could you please advise.  

1 Reply
Opus 17
Level 15

Do i need to notify IRS or do i need to pay tax on 100k money transfer from my foreign saving account to US bank account?

You don't pay tax moving your own money from one account to another.  You do/did owe income tax on any interest that the money has been earning in the Irish account for any years that you were a US taxpayer, even if you didn't get US style tax documents for the income.  The banks will likely notify the IRS automatically due to the size of the transfer but this does not by itself create a taxable event for you.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Dynamic AdsDynamic Ads
Privacy Settings
v