How to move funds from Canada after obtaining GC

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sabih

Registered Users (C)
Hi. I am a Canadian Citizen who just got the GC approved. I have a couple of properties in Canada from which I would like to sell one and transfer the funds to US to buy a residential property for myself. Are there any issues in moving such fund over that are in access of 100K. Is there a form I need to fill out to avoid paying taxes to IRS? Please note that I have been showing that property in my US tax returns for the last couple of years.
Thanks.
 
You need to consult a CPA or enrolled agent to determine what, if any, tax consequences you will face in the US.

The problems I generally associate with moving large sums of money are due to the federal reporting requirements meant to locate illegal activities. You will have a paper trail for the source of the funds. You financial adviser/banker will assist you in properly doing the electronic transfer.
 
sabih said:
Hi. I am a Canadian Citizen who just got the GC approved. I have a couple of properties in Canada from which I would like to sell one and transfer the funds to US to buy a residential property for myself. Are there any issues in moving such fund over that are in access of 100K. Is there a form I need to fill out to avoid paying taxes to IRS? Please note that I have been showing that property in my US tax returns for the last couple of years.
Thanks.
Click to expand...

why would DO you that???..I mean DO YOU READ NEWSPAPERS OR WATCH TV ???..
US DOLLAR IS ABOUT TO LOSE VALUE BIG TIME ..SIT TIGHT AND WAIT FOR A WHILE AND THEN ONLY TRANSFER SMALL AMOUNTS OF MONEY INTO DOLLARS ....

NOBODY WITH HALF A BRAIN CELL WOULD DO THAT

THINK DUDE !!...GET INFORMED !!!

TRANSFERRING ANY KIND OF FOREIGN CURRENCY AND CONVERTING IT INTO US DOLLARS AT THIS TIME IS JUST PLAIN STUPID

PROPERTY WOULD LOSE VALUE EVEN MORE BUT IF YOU WAIT A WHILE YOU STAND TO MAKE ADDITIONAL MONEY
 
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