Hello
I'm a green card holder that would like to transfer Canadian funds in Vancouver to my bank in Seattle. This is NOT income or an RRSP. This was money already earned before moving to the US. It has been collecting interest in a term deposit, and I have been declaring the interest each year to the IRS. I cannot cash it out until June, however we are looking at buying property in the spring and I would like to have the cash on hand as down payment. I have opened a Line of Credit against that account to be able to "borrow" against the account. I will be using Custom House Currency Exchange to transfer the funds.
Question: As this is not income, and as taxes are current and income declared, am I free to move this money without any penalty?
cheers
LT
Moving Funds to US
Moderator: Mark T Serbinski CA CPA
