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

    Feb 27, 2007, 03:33 PM
    Tax implications from a foreign accout?
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 28, 2007, 11:03 AM
    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.
    taxsearcher's Avatar
    taxsearcher Posts: 222, Reputation: 8
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    #3

    Feb 28, 2007, 11:23 AM
    You may have a foreign currency gain that will be subject to tax.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Mar 1, 2007, 07:43 AM
    That is a good point; I need to start thinking outside the box! :-)
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