I and my spouse are Indian citizens but permanent residents of USA. We have no income in USA. We have income in India which is less than the tax threshold of US. Still, we regularly file US tax return showing India income as global income and also file form 8938 showing foreign bank accounts.
We propose to transfer our moneys from India to USA and in the first instance we propose to bring $50,000 during this year. Have we to report this repatriation of funds in IRS tax return? Is form 3520 applicable to us?