I retired overseas and received retirement fund as lumpsum. Can I bring a portion in US to purchase a home here?

Yes, you xan. There are no transfer taxes in the U.S.

You may have to submit Form 3520 to explain the source of the money.

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Originally Posted by AtlantaTaxExpert

Yes, you xan. There are no transfer taxes in the U.S.

You may have to submit Form 3520 to explain the source of the money.

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Thanks for the reply. So my retirement money overseas is not treated as income for US tax purposes but once in US any income on this money will be US taxable. Am I right?

If you are filing as a noj-resdent alien, onnly U.S.-sourced income is subject to U.S. income taxes, so the overseas pension is not taxable.

If you file as a resident, then all world-wide income, including the pension, is taxable.