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Taxes

By JTR in General Immigration-Related Discussion

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JTR Newbie

JTR   0

Posted
Filed: Country: Canada
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Maybe one of you guys can help me. I have a large sum of money in a Canadian bank account and i want to transfer it to my US account to buy a house. how much in taxes will i have to pay on said money. the money was put in there after i got married to my husband (us citizen).

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Juan & Nan Community Regular

Juan & Nan   12

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Filed: Citizen (apr) Country: Thailand
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Maybe one of you guys can help me. I have a large sum of money in a Canadian bank account and i want to transfer it to my US account to buy a house. how much in taxes will i have to pay on said money. the money was put in there after i got married to my husband (us citizen).

If you transfer less than 10K at a time, the bank will is not report it to the IRS. Therefore, no taxes to pay.

K-1 TIMELINE11/03/2010 Mailed I-129F Petition to USCIS VSC
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Brit Abroad Collaborator

Brit Abroad   166

Posted
Filed: Lift. Cond. (apr) Country: United Kingdom
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If you transfer less than 10K at a time, the bank will is not report it to the IRS. Therefore, no taxes to pay.

But they will certainly question why there is more than one of them within a short time frame and that may lead to an investigation that no LPR wants. :)

OP .. your best bet would be to wander into your US bank and ask about receiving fees, read the IRS documentation on whether the money is covered by the double taxation agreement (common between the US and most English-speaking developed countries) and find out how much it will cost you. The bank will almost certainly know the laws pertaining to them, and generally have a good idea of where to point you for the answers you seek.

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hobbitofohio Explorer

hobbitofohio   10

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Filed: K-1 Visa Country: Russia
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If the money was earned before you moved to the USA, you only will need to pay tax on the interest. Moving the money in small amounts will make it look like you are trying to hide something.

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Brother Hesekiel Mentor

Brother Hesekiel   2,236

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Filed: Other Timeline
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Assuming the money is not drug money but clean "after taxes" money, you will not have to pay any taxes. You can have $1,000,000.00 in savings, transfer them to the U.S., officially after becoming a U.S. resident, and pay nothing. If you put the money in your savings account, you pay taxes on the interest. If you invest it in the stock market, and make money, you pay capital gains tax. You buy a house, you pay nothing.

There is no room in this country for hyphenated Americanism. When I refer to hyphenated Americans, I do not refer to naturalized Americans. Some of the very best Americans I have ever known were naturalized Americans, Americans born abroad. But a hyphenated American is not an American at all . . . . The one absolutely certain way of bringing this nation to ruin, of preventing all possibility of its continuing to be a nation at all, would be to permit it to become a tangle of squabbling nationalities, an intricate knot of German-Americans, Irish-Americans, English-Americans, French-Americans, Scandinavian-Americans or Italian-Americans, each preserving its separate nationality, each at heart feeling more sympathy with Europeans of that nationality, than with the other citizens of the American Republic . . . . There is no such thing as a hyphenated American who is a good American. The only man who is a good American is the man who is an American and nothing else.

President Teddy Roosevelt on Columbus Day 1915

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