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    konradsa's Avatar
    konradsa Posts: 28, Reputation: 1
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    #1

    Nov 10, 2007, 03:17 PM
    Transferring money from Germany to USA
    Hi,

    I am planning to transfer money from Germany to the USA (~$50k). Mostly to take advantage of the good dollar/Euro exchange rate right now, since I am thinking about buying an apartment/house next year, and I want to exchange at the current rate.

    The money is mostly coming out of my own savings in Germany, partially also my parents chipped something in. Now I am wondering whether I should be carefully somehow not to get taxed on it.

    I should not have to pay taxes on it, since it is my own money anyway, and it's not from an inheritance or anything. Is this correct? Is there anything I should be careful about?

    I am currently in the US on an E1 visa, green card application is currently being filed.

    Thanks,
    -- Sascha
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 13, 2007, 09:21 AM
    Sascha:

    You will NOT get taxed on the money, but you MAY have to prove to the IRS where it came from.

    Just have the savings account documents available and you should have no problem.
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