I am a US citizen living in Japan. Currently, due to the differential in currency strength between yen and dollars it would be advantageous to transfer money from my Japanese bank account to my US bank account. The amount in question is a bit less than $100,000 in US dollars. I do file federal taxes as a resident of California.
My question is concerning the tax liability. How much is taxable? Are there any tax shelters?
Thank you very much.