Moving money from Trinidad to the US and question about taxes

[mozplay 29]

Hi all, my question is two fold:

My parents are moving here from Trinidad in April ... they were recently approved. Do any of you know 1. The best way for them to bring their money from Trinidad to the US and 2. Whether that money will be taxed by the US?

Thanks for the help.

[BRosa 170]

From what I know, money could be wired from bank to bank, and it should not be taxed in USA.

[mozplay 29]

Thanks for the response, BRosa. So I guess they'll just have to leave the money there until they establish a bank account here. And I'm glad to hear that it won't be taxed. Anyone else have a different experience?

Edited December 29, 2014 by mozplay

[BRosa 170]

They can also wire the money before they leave, they just need someone they can trust (you perhaps) that will give the money back to them once they are here and can open an account for themselves.

[mozplay 29]

If they wire it to me, won't it count as my own income and then be taxed?

[BRosa 170]

If they wire it to me, won't it count as my own income and then be taxed?

You only pay taxes on earned income or interest.

[mozplay 29]

Thanks so much.