Would I have to pay taxes on a transfer of savings from Ireland to the United States?

by Dafna Meltzer, CPA | Nov 27, 2018

I am an Indian citizen working in the U.S. since February this year on an H1B visa. Before this, I was working in Ireland and have some savings there. If I transfer my savings (around $20,000) to the U.S., would I have to pay any taxes?

No. The transfer of funds by itself does not create a taxing event. You will have to pay taxes only on any income (interest) that those funds generate.

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

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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