Money transfer from Pakistan to USA

[ahmedbin11 0]

I am moving to USA from Pakistan. I worked here in Pakistan and have some savings that I am planning to transfer to USA. My question is do:

Q1... I will do a job in USA. So, I need to declare that amount to USA government either at the time when I file my tax return? or how I show/declare it to USA government? Is USA government ask me pay some tax on it?

 

Q2.... My spouse will be house wife in USA. So, If I transfer this amount to my spouse name in USA then ? I need to declare it on my end ?

 

 

[Raja007 67]

Any funds you are taking with you I don't think will be taxed but once you enter in the usa and become a resident than you will be taxed on your world wide Income. For further information read the following link

 

https://www.irs.gov/individuals/international-taxpayers/tax-information-and-responsibilities-for-new-immigrants-to-the-united-states

[Wuozopo 4,293]

9 hours ago, ahmedbin11 said:

I am moving to USA from Pakistan. I worked here in Pakistan and have some savings that I am planning to transfer to USA. My question is do:

Q1... I will do a job in USA. So, I need to declare that amount to USA government either at the time when I file my tax return? or how I show/declare it to USA government? Is USA government ask me pay some tax on it?

 

Q2.... My spouse will be house wife in USA. So, If I transfer this amount to my spouse name in USA then ? I need to declare it on my end ?

 

 

You do not pay income tax on money you hold already whether you keep it in Pakistan or  move it to a US account in your name or your spouse’s name. If you earn interest on the account during a tax year, only the interest earned is considered income and is reported on your tax return. The whole balance of your savings is never taxed by the US.
 

If you transfer an amount of  $10,000+ to the US, it is reported to the US government, but the bank receiving the transfer will do the reporting for you. It is reported, not for income tax, but as a requirement of banks to have a way to check on money laundering or terrorist funding if needed.