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How do I transfer my own foreign cash into us
I sold my home in Canada as my family are now officially residents of the US. I want to bring my money to the US as I have no plan to return to Canada and want to have use of it and invest it here. Can I just transfer it to my bank here? And what are the tax consequences. I've already paid tax on the income to Canada
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You can just transfer it to U.S. However, a U.S. citizen or resident must report worldwide income on the U.S. tax return. So you may have to report sale of home. You can also take credit for taxes paid in Canada by using From 1116. Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income |
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