Hello- I have been reading the string of posts related to taxes and I have a question for anyone who can help me

I am a green card holder living in the U.S. who also holds a bank account in my native country. I wanted to transfer that money over to the U.S. (it would go from my bank account in my native country to my bank account in the U.S.) If I transferred less than $100k, would I need to declare it since it's technically my own money that I am bringing over? If so, would I need to pay tax in the U.S. Being a citizen of another country and holding a bank account there, I already pay taxes in that country. I don't think it makes sense to pay taxes twice.

Keeping the above in mind, if my parents were to gift me the money, would I still need to declare it? They are not only citizens of that country but also pay taxes there.

Looking forward to a response

Thank you!

1. A green card holder must declare worldwide income. Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income (http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html)

2. If you are transferring your own funds, then there is no tax involved. Since you have a bank account in the foreign country, you may have to file form TD F 90-22.1. If at any time during the year, you have an interest in or a signature or other authority over a financial account in a foreign country, such as a bank account, securities account, or other financial account and the total amount at any time in the year was $10,000 or more. Mandatory Reporting of Foreign Bank and Financial Accounts (FBAR) (http://mytaxes.in/index.php?topic=1.0)

3. If the money is gift or inheritance then you do not pay any tax but if the amount is over $100K, then you need to file Form 3520. Your U.S. Tax Return: The U.S. Gift Tax (http://taxipay.blogspot.com/2008/03/us-gift-tax.html)

Thank you for your response! I have another question regarding this. The money that I want to transfer isn't income. It was gifted to me by my parents in my native country. All I want to do is transfer it to my U.S. bank account. Would I still need to declare or pay taxes if the amount is under $100,000?

Thank you in advance :)

You will NOT pay taxes, but you DO have to declare it using Form 3520.