Moving money & assets to usa

[journadian 13]

I'm originally from Canada, PR in USA for 4-5years.  I remember reading there was a deadline for moving assets and money to USA.  I can't remember where I read it or the reason for this deadline.  Can someone provide me info on this and the rules, etc.  (Cdn dollar is finally rising again, thinking it's a good time to move it.)

 

thanks

[HRQX 4,145]

2 hours ago, journadian said:

Can someone provide me info on this and the rules, etc.

There is no deadline. Just remember to annually report it to IRS if required: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

[Mike E 11,741]

No deadline.

 

Accounts at foreign financial institutions have to be reported annually if the total amount of money abroad exceeds $10,000 at any time of the year, see https://bsaefiling.fincen.treas.gov/main.html  and https://www.irs.gov/pub/irs-utl/irsfbarreferenceguide.pdf 

 

Real estate and personal property do not have to be disclosed.

 

If you are renting out foreign property you have to report the income on your IRS tax return.

 

 

 

 

Edited December 17, 2020 by Mike E