Brooklyn, NY asked in Banking and Tax Law for New York

Q: Do I need to pay taxes when transferring money from my foreign bank account to my American account?

Hi, I wanted to get information about the possibility of transferring money I have in Brazil in my account there to my US account, about $225,000. Do I need to pay tax on that when I transfer, or in the end of the year? Do I need to declare it in my tax return? I am a temporary resident in the US with an O-1 artist visa (I'm a photographer), I'm an Israeli citizen.

Thank you!

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1 Lawyer Answer
D. Mathew Blackburn
D. Mathew Blackburn
  • Tax Law Lawyer
  • Englewood, CO

A: Any transfer over $10,000 US is reported by the bank but is not taxed.

You don't report it on your personal income return as long as it's a personal transfer.

If it's a gift or earned income it changes things.

1 user found this answer helpful

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