Transfer of foreign monies
I have been able to secure a line of credit with an European bank. If I bring any of that money here in the USA, will I be taxed on that?
I have all the normal paperwork, such as a copy of the application, approval document from the bank and what looks like a normal promissory note, indicating minimum back payment dates, interest rate and an all due and payable date.
I would draw monies from that line of credit and have it wired to my local bank.
Thank you
John DeRidder