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Subject:
Getting taxed on transferring money saved under my name from a foreign country?
Category: Business and Money Asked by: picketay-ga List Price: $20.00 |
Posted:
25 Feb 2006 15:28 PST
Expires: 27 Mar 2006 15:28 PST Question ID: 700967 |
I am a Japanese and a permanent resident. Back home, my parents saved money under my name through my life. I moved to US in 1994 after getting married with an American in 1993. As I probably are not going back home for rest of my life, my parents decided to sell all the stocks they had under my name, and it amassed to $60,000. They want to send all that money to me here in U.S. at once. Am I taxed on this, or do I have any obligation to report this to IRA? They said that that is my own money saved up under my name, it would not be any problem. Is this true. When money was in stocks, the stock company was reporting to US treasury every year. |
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There is no answer at this time. |
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Subject:
Re: Getting taxed on transferring money saved under my name from a foreign country?
From: taxbear-ga on 25 Feb 2006 18:02 PST |
If you are a US resident then you need to report your income from all sources worldwide. This means that your gains on sale should be reported. Also, if you have foreign currency and then convert it to US dollars, there could be an exchange gain that would also be income. The movement of the cash itself is not an issue from a tax perspective other than any foreign exchange gain. |
Subject:
Re: Getting taxed on transferring money saved under my name from a foreign country?
From: taxbear-ga on 25 Feb 2006 18:50 PST |
It's also worth knowing that gain on stock sale is source according to the residence of the seller. If you're a US resident, the gain would be US source even if the stocks are traded on a foreign exchange. |
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