Ask Experts Questions for FREE Help !
Ask
    Batman1975's Avatar
    Batman1975 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 19, 2011, 04:46 PM
    US taxes on money transferred from Europe
    Background information:
    I am a french citizen already working in NY almost for 2 years with a L1-A visa. Before coming to the US I have been working and living in Europe.
    I will be offered a permanent US contract and will be sponsored by my employer to get a green card.
    I am planning to buy an apartment in NYC.
    In order to buy an apartment I will have to bring my savings in Europe into the US.
    My savings in Europe are in the form of bank accounts and stock, which have already paid income tax in Europe.

    Question:
    If I bring that money (approx. $350.000) into the US, will I have to pay taxes on it? Is there any treaty between the US and Europe to avoid double taxation of capital (income tax in Europe and then income tax again in the US)?

    Thank you very much for your help.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 10, 2011, 01:14 PM
    There are NO transfer tax in the United States.

    You will have to submit Form 3520 at the bank to account for the source of the income, but that is an information return only; no taxes are due.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Foreign money transferred to an US account [ 1 Answers ]

Hi,If I were to receive 50,000.00 US dollars as gift from abroad a) do I need to declare the money in my US tax returns? b) will there be tax implications? I am an US citizen (naturalization). My father, who is not an US citizen, nor an US resident, and lives in Bulgaria, wants to help me and my...

Taxes on money transferred from a foreign country to USA [ 4 Answers ]

I am a student on F1 visa studying in Ohio. I am scheduled to get 25000$ wire transferred from a foreign country. Will this amount be taxable when it lands in USA?

Taxes on money transferred from abroad [ 2 Answers ]

My father, a US citizen, who has a dual citizenship and currently lives in Europe, is going to move back to the United States, and wants to wire all of his savings from the european bank account to the US bank account. The amount greatly exceeds $13,000. Does he have to pay any taxes on the money...

Taxes on International Heritance transferred to the US [ 10 Answers ]

I am of Eastern Europe origin. My family overseas has just won a 15 years lawsuit against a East European government owned company. The dispute was a piece of land that belonged to my grandfather. We (my overseas family and I) are now the rightful owner of this piece of land. We will be selling...

OPT transferred to H1B - Filing of Taxes [ 3 Answers ]

Hi, 1. My OPT began on the 3rd of July and I started work in the 1st week of August on my OPT. 2. My H1B got approved in Oct 2006 and I am still continuing to work at the same employer now on my H1B. 3. Due to the lack of knowledge; my employer kept deducting H1B taxes from me even while I...

View more questions Search