If I move money from my home country to the United States, what taxes need paid?

Question

I am a permanent resident of the United States; I have not yet obtained the citizenship; If I move money to the United States which taxes do I need to pay?

• Income Tax?
• Interest Taxes?

Answer 1

If you move money - you don't need to pay any taxes.

If the money was not there before and magically appeared at some point and now you want to move it - you'll have to explain a thing or two to the IRS and FinCEN.

Generally, if you're a green card holder - you pay taxes on your worldwide income. So if you have a foreign account that earns interest - that interest is taxable to you in the US. In the year you earned it, not in the year you moved the money to the US.

There are also reporting requirements (FBAR notably, and others). If you haven't filed FBAR with regards to the accounts which you now want to move, and especially if that also includes unreported income (interest and other) - you may find yourself in a very deep s#!t. Sorry, very deep troubles.

Talk to a tax adviser (EA/CPA licensed in your State). A proper consultation is warranted, if you haven't had one already. You might need a tax attorney.

Answer 2

Local currency (United States Dollar-USD) and foreign currencies: no restrictions, provided that arriving and departing passengers must report to US customs any money or other monetary instruments exceeding USD 10,000.-. Gold: Importation of gold coins or small, non-commercial quantities of gold must be declared upon arrival.

If you are looking for some specific asstes and not just cash, elabotare on details like

1. Currency
2. From which country you are bringing.
3. Mode of assets - Gold, Silver, ornaments etc.
4. Is all currency with you or you are bringing for some one else.
5. Also you need to give details about cash range eg : 1- 1000 $ 1001 - 10000 $ or some bigger amount.