Declaring money on re-entrey - View Single Post
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Old 13th September 2010, 08:59 PM
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Users Flag! Originally from usa. Users Flag! Expat in france.
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Quote:
Originally Posted by Mortimer View Post
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?
LPR? Not sure what that means. If the "local bank account" is local to the US, the arrival of the funds has already been reported to the Treasury department, according to whatever you told the transferring agent regarding the source of the funds and the purpose of the transfer.

Quote:
There's an obligation to report foreign holdings over a certain amount in your tax return.
As far as the US tax returns are concerned, you report to the Treasury Dept. (separately from your tax return) if your combined foreign accounts total > $10,000. Once the funds are in a US account, you have no further need to report them.
Cheers,
Bev
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