Hello,
We got our greencard and moved from Canada to the US about one year ago. At that time, we did not transfer all of our money from Canadian banks to US banks. Since it has been over an year now, if we transfer some of our money now, will we have to pay income tax on it in the US.
Question About US Income Tax
Moderator: Mark T Serbinski CA CPA
A transfer of money from one bank to another is never considered income, so why would it be subject to income tax?
However, the interest that that money has been generating, regardless of whethr you bring it to US or not, has been subject to US tax since the moment you got your green card, and should be reported
However, the interest that that money has been generating, regardless of whethr you bring it to US or not, has been subject to US tax since the moment you got your green card, and should be reported
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 