Originally Posted by Bevdeforges
Not much. In fact, it's far easier to transfer the funds via a bank or other financial institution, since then it becomes their responsibility to file the report.
Literally, they just want you to declare the funds being transfered in (or out) of the US, giving their origin and the reason they are being transfered. If you've been living overseas and you're transferring the fund to establish a bank account in the US, or fund the down payment on a house or for any other innocuous reason, just state that and everything should go just fine.
Thanks, the funds are savings in a local bank account deposited prior to me becoming an LPR.
In any case, will this be reported to the IRS to determine if this is income? and if this is the case, what are the tax implications?