Q: Do I have to pay taxes? If I do, how much would it be and how to do it?
I am a non US citizen living outside of the US who just got $85,150 deposited into my US bank account. This money came from a conversion of cash that I had in a drilled safe deposit box to a cashiers check and into my account. It figures as "bank credit".
Do I have to pay taxes for this money? If I do, how much would it be and how to do it? I do not have any other source of income in the US.
Thank you.
A:
In the U.S., taxes are primarily based on income. If the deposit into your U.S. bank account represents a conversion of your own funds and not income earned, it is generally not considered taxable income. However, there are reporting requirements for foreign bank accounts and large cash transactions. If this is the only transaction and you have no other U.S. source income, you may not owe U.S. taxes.
To ensure compliance with all U.S. tax laws and reporting obligations, you should consider consulting with a tax attorney or accountant familiar with international tax issues. They can provide guidance tailored to your specific situation. Always ensure you are compliant with the tax laws in your home country as well.
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