Do we have any tax implications if we bring the money back to the US from Singapore, for example $US 50,000? If so, at what percentage and how is the process? We have been reporting the all bank accounts' balances to the IRS. Thanks for your time.
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Do we have any tax implications if we bring the money back to the US from Singapore, for example $US 50,000? If so, at what percentage and how is the process? We have been reporting the all bank accounts' balances to the IRS. Thanks for your time.
If you have not hidden the money's existence from the IRS, there should be no tax implications at all.
You probably will have to report the transfer when it is made, but, oither than that, you are good to go.
Contact your bank and ask this question. They will know for sure.
You may have a foreign currency gain that will be subject to tax.
That is a good point; I need to start thinking outside the box! :-)
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