Savings - bonds and stocks: will this get taxed when transferred to US

[Kuegs 5]

I got lost searching for this, again... (? Tax!)

Does anyone know if and how the following gets taxed:

I am the (German citizen) beneficiary and thinking of bringing my money into the states upon completion of our visa process.

It's a mixture of a savings account, some bond funds, and stock. It is more than the $ 10,000.

IF this gets taxed, how high would the percentage be?

I'm wondering whether I should transfer all into a savings account, as I can't keep the stocks and bonds when I'm no longer a resident in Germany, but I can keep a savings account...

Thank you for any input!

[Rc123rc 528]

I got lost searching for this, again... (? Tax!)

Does anyone know if and how the following gets taxed:

I am the (German citizen) beneficiary and thinking of bringing my money into the states upon completion of our visa process.

It's a mixture of a savings account, some bond funds, and stock. It is more than the $ 10,000.

IF this gets taxed, how high would the percentage be?

I'm wondering whether I should transfer all into a savings account, as I can't keep the stocks and bonds when I'm no longer a resident in Germany, but I can keep a savings account...

Thank you for any input!

I think your last statement is the key one. If you can't keep the stocks and bonds then go ahead and place them into a savings account. It's possible that you can open a U.S. Bank Account before you move. I know my fiance was able to do this.

[Kuegs 5]

I think your last statement is the key one. If you can't keep the stocks and bonds then go ahead and place them into a savings account. It's possible that you can open a U.S. Bank Account before you move. I know my fiance was able to do this.

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Oh really? That's good to know. I'll look into that then.

You're right. It's probably for the better to already transfer it all into a saving account and then go from there.

Thank you so much for chiming in!

[PingandPong 3]

I got lost searching for this, again... (? Tax!)

Does anyone know if and how the following gets taxed:

I am the (German citizen) beneficiary and thinking of bringing my money into the states upon completion of our visa process.

It's a mixture of a savings account, some bond funds, and stock. It is more than the $ 10,000.

IF this gets taxed, how high would the percentage be?

I'm wondering whether I should transfer all into a savings account, as I can't keep the stocks and bonds when I'm no longer a resident in Germany, but I can keep a savings account...

Thank you for any input!

Regarding the tax I'd suggest to hire a professional. In general: If you live in the U.S. for more than 6 months you will be taxed there for the tax year. If you live more than 6 months in Germany you will be taxed in Germany for the whole tax year. So let's say you move into the US before 6/30, you would be taxes in the US for 2016. If you move after 7/1 you would be taxed in Germany for 2016.

The 10k limitation has nothing to do with tax. It is just a "notify/not notify" limit. If you transfer below 10k you can do that without notifying anybody. If you transfer more than that, you (or the transfer carrier) would have to give the details of the transfer to the authorities. This is for officially following money laundering rules. Again, it has nothing to do with tax.

If you have on-line accounts, you can manage those from the US just fine. Even with German banks. Don't forget to notify the banks of your new address, though. If you don't have on-line accounts, you can usually quickly get them through your bank. Then you can manage all your money transfers later.

[Nich-Nick 3,354]

I got lost searching for this, again... (? Tax!)

Does anyone know if and how the following gets taxed:

I am the (German citizen) beneficiary and thinking of bringing my money into the states upon completion of our visa process.

It's a mixture of a savings account, some bond funds, and stock. It is more than the $ 10,000.

IF this gets taxed, how high would the percentage be?

I'm wondering whether I should transfer all into a savings account, as I can't keep the stocks and bonds when I'm no longer a resident in Germany, but I can keep a savings account...

Thank you for any input!

Anything you already own....money, investments, etc are not taxed when you bring them to the U.S. They are not new Income so don't have income tax. Once they are in the U.S. and pay you interest or dividends, then that interest/dividend payment is new income to you and is taxed, but the whole balance is never taxed.

You are also not charged customs duty on your money you bring/transfer to the U.S., but the government wants to know about anything over $10,000 just in case you end up funding terrorists or drug dealers. they have a paper trail of the money entering the U.S. Wire/online transfers are automatically reported.

Even if you leave the money abroad, the government wants to know about any foreign accounts exceeding $10k. It's a report due June 30 for the previous year. Look up FBAR. An informational report, not a tax.

Edited May 25, 2016 by Nich-Nick

[Kuegs 5]

Anything you already own....money, investments, etc are not taxed when you bring them to the U.S. They are not new Income so don't have income tax. Once they are in the U.S. and pay you interest or dividends, then that interest/dividend payment is new income to you and is taxed, but the whole balance is never taxed.

You are also not charged customs duty on your money you bring/transfer to the U.S., but the government wants to know about anything over $10,000 just in case you end up funding terrorists or drug dealers. they have a paper trail of the money entering the U.S. Wire/online transfers are automatically reported.

Even if you leave the money abroad, the government wants to know about any foreign accounts exceeding $10k. It's a report due June 30 for the previous year. Look up FBAR. An informational report, not a tax.

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Thank you so much!

I will look that up.