hello
you do not need to report the transfer of the funds
you do need to report the existence of any foreign acct
if income generated abroad, you will pay taxes in the country where it was generated
if US citizen or resident you will pay US taxes on any income generated above
Tax treaties exist with most european countries
hope this helps
be more specific and i will try to address your issue
happy new year!
The transfer of funds from your personal foreign bank account to your personal US bank account is not a taxable event and is not reported on your tax return.
Hello again ExpatMex
A "transfer of funds" is an action, a process, that as such obviously you do not need to report - you do not report that you have transferred funds!
Yet, you are TRANSFERRING FUNDS FROM A FOREIGN ACCT. AND YOU HAVE PAID INCOME TAXES ON THOSE FUNDS
Consequently, I reiterate:
1. You need to report foreign accounts on the FBAR site, Foreign Bank Account Reporting - check their instructions
2. Since the funds you transferred are indeed income, you say you paid taxrs in the country from where you are transferring the funds, you will need indeed to declare these funds to IRS and pay US taxes
3. Depending on the Country of origin of these funds, there may or may not be a Tax Treaty between taht Country and the US
In conclusion
foreign accounts need to be reported to FBAR - stiff penalties if you do not, up to 50 % of balance
income generated above is reported on your US tax return whether or not you paid taxes on the Country where the income was generated
best of luck