Wednesday, February 2, 2011

Do I have to pay taxes on the money that I brought from another country?

I have some cash that I brought from my home land; if I deposit that cash into my bank here in USA do I have to pay taxes on it?

Note: I’m a US citizen.


no.

you pay income tax on money you get a w2 form on.

if you're in business for yourself, there is another mechanism that i've never had to deal with.

but you don't pay tax on money in the bank.

if it's a lot of money, the bank probably has to report it to the irs, or someone.

and you may get asked about it.

what you didn't say was how you acquired that money in your homeland.

if you worked there and earned it, that would be different.

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