Incoming money from abroad

[Misterciak]

Hello,

I recently purchased an apt and moved money from abroad to US to finalize the purchase. How is this money declared/taxes?

[lramkumar]

Transferring money from one of your foreign accounts to your US bank account does not incur tax. However, US citizens are taxed on their worldwide income, and while transferring money between your accounts doesn't generate taxable income on your federal tax returns, earning income abroad does need to be reported on your taxes.

[MirthaG]

You are bringing funds from your foreign bank account into the US.  There is no problem, but you were required to report your foreign bank accounts (if more than $10,000)  every year. If you sold or disposed of any property  then you must also report the transaction in your US tax return. US persons have to report their worldwide income.