I just moved to US. I may need to transfer all my money to US. Is there any limit or do I need to report anything to IRS? I know that if I receive more than 100k from other people, I need to fill in the form. If I transfer money from own bank oversea to my US bank, I assume nothing to report?
Hope someone to help. Thanks
If at any time during the year, you own or control a foreign bank account containing more than $10,000 US equivalent, you must file a report called FBAR. This can be done electronically from the IRS website. It does not assess tax, it is simply a disclosure that you owned or owned a foreign bank account.
Otherwise, there is no income tax, and no reporting rules when you move your own money from one place to another, whether you are moving money between US accounts, or from an overseas account into a US account, or from a US account into an overseas account. Moving your own money is not taxable.
The banks may be required to file their own reports regarding movements of large amounts of money, but that is some thing that you should simply ignore. It will happen in the background, and you don’t need to think about it, or take any action.
Still have questions?Make a post