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Taxation on Money Transferred from Foreign Countries to the USA

Taxation on Money Transferred from Foreign Countries to the USA

If you are moving to the USA and transferring monies from a foreign country, the money transferred from a foreign country to the USA may not be taxable. Bank transfers from your personal foreign bank account to your personal US bank account are not reported on a federal tax return. If it is more than $100,000 for any current year, one must report it to the IRS by filing Form 3520 and used to notify IRS with no taxes payable.  On a side note, if the money is a gift, a gift tax in the USA may

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