Q: I transferred $10K from my Saudi bank to my US bank so that I have money to spend in the US during my summer vacation.
Since I earn less than $100K and live abroad, I do not owe taxes, but do I owe taxes on the money I transfer to the US? How do I process taxes for the $10K?
A: Money you transfer from you to yourself isn’t income from any source. There is no US tax, though it never hurts to consult with an accountant. If you transfer more than US $10,000 in cash or equivalents, such as gold, make sure to report it on the appropriate customs or banking forms. There is no tax, but failure to report is a crime subject to seizure.
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