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    MRRandy's Avatar
    MRRandy Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 27, 2012, 07:45 PM
    Taxes owed for money transfer from germany to the US
    Now a US citizen and I have a life insurance policy in germany that has reached it's mature date and will pay out over 10,000 dollars, if I transfer to my US bank will I owe any taxes to the IRS?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 27, 2012, 08:44 PM
    Maybe. If the total of the premiums is LESS than $10,000, then the difference is taxable income.
    taxesforaliens's Avatar
    taxesforaliens Posts: 649, Reputation: 117
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    #3

    Jul 28, 2012, 10:13 AM
    It's not the transfer that's taxable, but the distribution of the money itself (if it's taxable, see previous answer). It wouldn't matter where in the world the money is.
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