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

    Oct 27, 2011, 06:29 PM
    Tax help on wire transfer?
    I am a US citizen living in Japan. Currently, due to the differential in currency strength between yen and dollars it would be advantageous to transfer money from my Japanese bank account to my US bank account. The amount in question is a bit less than $100,000 in US dollars. I do file federal taxes as a resident of California.

    My question is concerning the tax liability. How much is taxable? Are there any tax shelters?

    Thank you very much.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Oct 27, 2011, 09:49 PM
    If you transfer money from your own account in Japan to your own account in U.S. there is no tax implication except you may have to report your gain due to this transaction.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Nov 1, 2011, 08:32 AM
    I am curious as to WHY you file California tax returns if you work and live in Japan? Most states (California among them) typically will not have legal standing to tax anyone who neither works nor lives in the state.

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