I will be a green card holder. What are the tax implications in moving cash from Australia to US? Also tax implications of having a property in Australia under my name?

[cjl387]

I am going to get my green card soon. I would like your help with regards to what I am to do with my assets that are still in my home country of Australia. See below

Property

I have an apartment under my name that my brother is currently living in. What are the tax implications of me owning this property in Australia?

Gifted cash 

My parents are looking to gift me cash for me to buy a property in the US. What are the tax implications of this? Are there any specific forms I need to complete to declare my gift?

Moving cash from Australia

I have some cash in bank accounts in Australia that I am looking to move to the US. What are the tax implications of this?

Thanks

[DS30]

Regarding Your Australian apartment - You will have no US tax reporting requirements related to owning foreign real estate unless it is considered a rental or when you sell the property. (You will need to report any capital gains worldwide on your US income tax return.) You would be able to claim foreign property taxes paid as an itemized deduction (up to the $10,000 tax deduction limit for calendar years 2018 and forward).

Regarding a foreign cash gift and moving cash to the US -

You will not pay any taxes on inherited or gifted money because the IRS does not consider this taxable income.

However, there may be additional filing requirements required to report this foreign gift to that IRS. If the foreign gifts exceed $100,000 in total during the calendar tax year, you will  need to file  Form 3520 - gift or inheritance from a foreign person (nonresident alien). This form is not supported by TurboTax.

Additionally, you may be required to file Form 8938 - Statement of Specified Foreign Financial Assets, if your foreign financial assets exceed the amount threshold. This form will be included with your US income tax return filing.

Regarding your FBAR requirement -

If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::

1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Foreign financial accounts consist of all foreign financial accounts that you own separately or jointly or for which you have signatory authority over (such as a foreign business account that is owned by the business but for which you can sign checks or redirect funds).

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)

Here is a link to the IRS related to both the FBAR filing and the Form 8938 filing: IRS - Comparison of Form 8938 and FBAR Requirements