Declaring money on re-entrey - View Single Post
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Old 13th September 2010, 10:14 AM
Mortimer Mortimer is offline
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Quote:
Originally Posted by Bevdeforges View Post
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.
Cheers,
Bev
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?

Last edited by Mortimer; 13th September 2010 at 10:17 AM.
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