Originally Posted by lawanwadee
Inheritance from Foreign Sources is not a taxable income and also no state tax, but you have to file form 3520 with supported documents.
I am a US/naturalised citizen but have moved abroad since 2006.
My question is:
While I was abroad, I continued to use my US bank card abroad. I have been unemployed abroad and haven't filed income tax. But, had received several money wire transfers from a foreign source to my us bank account, and have been using my US card through ATM's but abroad.
My question is:
1) I haven't filed any income tax because I have been unemployed while abroad. But, I have just learned about the money transfer that this might be taxed.
This is very unclear and how it works so, could you please answer, in my case, where I have resided abroad and received money transfers to my US bank account from a non us source and used the money abroad through atm's:
1)Do I have to declare and fill out income tax or fill out any other forms to IRS, for money transfers I had received in the past years, of let's say 25'000 US per year.
2) Up to what amount per year does money transfer from a foreign source doesn't require any form or income tax declaration ?
3) What should I do to report/declare now for the past four years, if I was required to report the money transfer but didn't because I still don't know what to do and I still live abroad.
4) Is there an exempt amount per year, which is totally free of tax or any declarations for money wire transfer which is from a mother ( foreign source) to me( her son, a US citizen in my bank account in the US)
5) Am I exempt to file or report any money transfers to my US bank account since I live abroad, if you could explain that?
5) Will failing to declare the money transfers because I was not aware be considered a criminal offence and will my US citizenship be revoked as a result?
6) Again, what should I do to help myself now, and for the past years, if I had to file forms to declare the money transfers but didn't because I had no information and still don't know...
Please, any help will be greatly appreciated.