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KWZ99
Nov 3, 2011, 09:23 AM
Dear please help to get some answers

I am H4 Visa holder and US tax payer. I want to transfer money (wiring using major international Banks branches)from my savings account in Mexico and Brazil to my banking account in the US to buy a home. Both accounts overseas and US are under my name.
The total amount is around $150,000.00.

Pleaseinform me
1- Should I pay taxes ?
2- Should I report to IRS and other government agency in US ?
3- What is the correct procedure ?
4- Should I report in my 2011 incoming tax to IRS ?

Best regards

AtlantaTaxExpert
Nov 3, 2011, 11:21 AM
1) No.

2) Because the amount transferred is over $100K, you will probably need to file Form 3520 to report the transfer amount of $150,000. No taxes are due; you just need to identify the money sources.

3) Discuss this with your U.S. bank; they will know all the required reports.

4) No; it is NOT income and there are no transfer taxes.