1

I am U.S. alien by L1 visa.

I have savings in a country of residence and going transfer them to U.S. bank account.

  1. Should I report them?
  2. Are money transers taxable?
  3. Who is authorized to give me legal assistance inside U.S.

Thanks.

  • How long is your visa? Are you US resident for tax purposes in any year? – NL7 Apr 25 '14 at 15:13
  • Visa granted for 3 years. I am U.S. alien however will pay taxes in U.S. – aleks.n.fedorov Apr 25 '14 at 15:15
3
  1. As a general proposition, no, you do not need to report money transfers into the US. If a transaction exceeds $10,000 then the bank must report it anyway. Note that "structuring" your transactions to avoid a $10,000 deposit is illegal, so be careful if you are moving lots of money.

  2. As a general rule, no, transferring your own individual money from a foreign account to a US account does not incur taxes.

  3. Only lawyers are authorized to practice law in the US. They should generally be bar licensed in the state of practice. Certified public accountants can assist you with tax preparation and return positions, though tax lawyers may be necessary for some situations or for formal tax opinions. Be sure to use an experienced advisor to file your tax returns and information reporting.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.