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

Nov 27, 2018
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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.

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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