[petitebelle]

Hello- I have been reading the string of posts related to taxes and I have a question for anyone who can help me

I am a green card holder living in the U.S. who also holds a bank account in my native country. I wanted to transfer that money over to the U.S. (it would go from my bank account in my native country to my bank account in the U.S.) If I transferred less than $100k, would I need to declare it since it's technically my own money that I am bringing over? If so, would I need to pay tax in the U.S. Being a citizen of another country and holding a bank account there, I already pay taxes in that country. I don't think it makes sense to pay taxes twice.

Keeping the above in mind, if my parents were to gift me the money, would I still need to declare it? They are not only citizens of that country but also pay taxes there.

Looking forward to a response

Thank you!

[MukatA]

1. A green card holder must declare worldwide income. Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income

2. If you are transferring your own funds, then there is no tax involved. Since you have a bank account in the foreign country, you may have to file form TD F 90-22.1. If at any time during the year, you have an interest in or a signature or other authority over a financial account in a foreign country, such as a bank account, securities account, or other financial account and the total amount at any time in the year was $10,000 or more. Mandatory Reporting of Foreign Bank and Financial Accounts (FBAR)

3. If the money is gift or inheritance then you do not pay any tax but if the amount is over $100K, then you need to file Form 3520. Your U.S. Tax Return: The U.S. Gift Tax

[petitebelle]

Thank you for your response! I have another question regarding this. The money that I want to transfer isn't income. It was gifted to me by my parents in my native country. All I want to do is transfer it to my U.S. bank account. Would I still need to declare or pay taxes if the amount is under $100,000?

Thank you in advance :)

[AtlantaTaxExpert]

You will NOT pay taxes, but you DO have to declare it using Form 3520.