I closed a bank account in Germany earlier this year and wired the funds to an account here in the US, where I have tax residency. I have always reported interest earned on the overseas account when filing my US taxes (and the account itself in an FBAR), but am wondering how repatriated funds from the account need to be treated; are they reportable as income? Presumably not, but I wanted to check with the helpful TT community. Thank you for taking the time to answer.
You'll need to sign in or create an account to connect with an expert.
No, you will not owe tax on the transferred funds. You will report earned interest as you have in the past. The following provides more information on this topic.
No, you will not owe tax on the transferred funds. You will report earned interest as you have in the past. The following provides more information on this topic.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ronloftis
New Member
nshakur
New Member
rhalexda
Level 1
fowlerpharm
Level 1
bce0
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.