Do I have to pay taxes on money transferred from a foreign account to a U.S. account in my name?

by Dafna Meltzer, CPA | Oct 31, 2018
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I transferred money from a foreign account in my name into a U.S. account in my name. The amount was a little over $30,000. Do I have to pay taxes on this amount when reporting taxes?

A transfer of funds does not require reporting, per se. However, the presence of funds in a foreign account creates a number of other reporting responsibilities (with or without any tax consequences), starting with the ownership of that foreign bank account, the source of those funds, and any income those funds may have generated. You should consult with a CPA or a tax attorney versed in those issues, as the penalties for not reporting are draconian.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Dafna Meltzer, CPA, is with Meltzer & Meltzer CPAs in Elkins Park, Pa.

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