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    DavidCl's Avatar
    DavidCl Posts: 1, Reputation: 1
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    #1

    Mar 3, 2010, 02:34 PM
    Us tax liability on funds transferred from australia
    I am considering a venture were I will have an account with an Australian currency broker. Periodically, I will want to have some of the profits sent to me here in the US. About $100,000 to $150,000 a year. What are the tax liabilities when I bring the funds to the US?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 27, 2010, 01:19 PM
    David:

    There are no taxes per se on the transfer of funds into the U.S.

    However, if you are a U.S. citizen or U.S. resident for tax purposes, your world-wide income is subject to U.S. income taxes, regardless of where the income is earned.
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