Transfer money from overseas account to US account

[Mirka1]

I am a green card holder, non tax payer. I recently transferred money (under $100,000) from my overseas account to US account. Do I need to inform IRS? Also, do I need to let them know about my overseas account? Since I have never filed tax returns, I never mentioned about my overseas account.. The money in my account was only gifts from my parents until recently when I sold my property. 

[pk]

@Mirka1 

(a) A US person ( citizen/ GreenCard / Resident for Tax purposes )  come under the rules of FBAR and FATCA.  Even if you do not have any income in USA ( requiring a return filing ) FBAR is required once you  cross the threshold of US$10,000  aggregate if you  own and/or have signature authority  over foreign bank account(s).

The FATCA ( form 8938  with your return ) has a higher threshold but include other assets ( liquid or near liquid ).

(b) The sale / alienation  of real property / assets need to be reported to the IRS / State  on your return for the year when the transaction  was consummated.

(c) Gifts  from NRA ( assuming that the donors were Non-Resident Aliens )  may also need to be reported depending on whether the amount was equal/greater than US$100,000.  If the donors were US persons, then they also needed to file form 709.

All this leaves  me at a loss to understand  exactly why  you never had to file a return ?  When did you enter the USA  ?  Was this your first entry ?  When did you get your  GreenCard  ?  Which  country are you from   ( for purposes of Treaty  articles and double taxation / foreign tax credit  etc. ) ?

I will circle back once I hear from you 

pk

[Mirka1]

@pk I'm a stay at home parent. Never earned any taxable income, so never filed returns.

[pk]

@Mirka1 , understand but the rest of my answer still stand.

Is there something I can help you with ?

[Mirka1]

@pk with regards to gifts, it was never anywhere close to $10,000. I'm trying to repatriate money from my overseas account I have from the sale of property that was in my name.

[pk]

@Mirka1 , I would still like to point out that when you dispose of any property anywhere AND you are a US Person ( citizen/ GreenCard /  Resident for Tax purposes ), you have to recognize that disposition and pay taxes  to the US on that  gain.

 Is there more I can do for you ?

[Mirka1]

Got it. Capital gains tax has been paid in the other country,  I know it's not taxable here. Just wanted to know whether I had to inform IRS about money repatriated to my a/c here. Thanks for your help!

[pk]

@Mirka1   NO that is not true .   Once you have become  a  US Person ( citizen / GreenCard / Resident for Tax purposes ), you are required to recognize your world income and be taxed by the IRS on it.    Thus if the sale/ disposition occurred  after you became a US person, that transaction need to be recognized ( reported ) and be taxed , even if  it has already been taxed  by the country where the asset was situated.     

Please recognize that  the penalty  for non filing of a return / failure to pay taxes,/ failure to file FBAR and  FATCA forms  are very onerous.   Please follow the laws and truthfully so.

Monies transferred to the US and deposited in a US bank account, falls under  treasury rules  and any amount over US$10,000 will generally  cause the bank to raise  SAR ( Suspicious   Activity Report  ) as a matter of course and  usually nothing happens --  larger the amount more likely to draw  US treasury attention.

Is there more I can do for you ?

[Mirka1]

Thanks for your help! I'll look into it.