Do we need to report the money which one has transferred during the year from a Foreign bank to US bank on IRS or FBAR? If yes, where/how to report it?
02509
2 Replies
JulieS
Expert Alumni
Mar 12, 2023 5:25:58 AM
Yes, you do if at some point in 2022, you had foreign bank accounts totaling as least $10,000. This applies even if you moved the amounts to the US later in the year.
The movement of personal funds from one bank account to another is NOT income and is not reported on any income tax returns. On the FBAR (if you need to file one) it will simply show less money in foreign accounts this year.