Can I be exempted tax? I am immigrant and live in US for the past three years. I plan to wire my life time saving to US bank. Do I need to report? Will there have any taxes?

Thank you

Jane

Well,the much to my knowledge is; you can transfer the money into ESCROW, being the most trusted forum from the foreign account into USA. However, you got to prove that the money is clean from any criminal activity and it can even be a gift from your family or friends or even from your relative. However I doubt if any 1 can bring that money in person through a flight or whatsoever. Moreover, this money is not taxable as far if its meant to be invested for a business in US and that even after being approved by the respected USCIS. There are 2 categories which are E2 for investing $100000 or EB5 for 500000. E2 will remain a temporary Visa and EB5 may get u the Green Card. Study details on the Official US Embassy site for details.

The U.S. has NO transfer tax, but if the amount transferred exceeds $100,000 in any calendar year, you must submit Form 3520 to show the origins of the funds.