transferring large amount of money to a US bank account right after obtaining a resident status

G

godoy

New Member
Hello,

I have looked through most of the threads in this topic but found very little info on tax liabilities of a newly-arrived immigrant. We won the DV-lottery and obtained our visas. We are going to sell our house and business in our current country of residence and are planning to buy a condo or an apartment in Florida. The amount will be quite large ($200-300K)
What are we supposed to do if we want to transfer all our funds from our bank account to an account we'll open at a US bank when we arrive in the country? Do we have to report the transaction to the IRS or is it not necessary since the funds had been acquired before we applied for residence status in the USA?

I'd really appreciate any input on this issue,

Thanking you all in advance.
 
godoy said:
Hello,

I have looked through most of the threads in this topic but found very little info on tax liabilities of a newly-arrived immigrant. We won the DV-lottery and obtained our visas. We are going to sell our house and business in our current country of residence and are planning to buy a condo or an apartment in Florida. The amount will be quite large ($200-300K)
What are we supposed to do if we want to transfer all our funds from our bank account to an account we'll open at a US bank when we arrive in the country? Do we have to report the transaction to the IRS or is it not necessary since the funds had been acquired before we applied for residence status in the USA? You can refer to the customer service section on https://taptap-send.pissedconsumer.com/customer-service.html for any guidance related to transferring funds.

I'd really appreciate any input on this issue,

Thanking you all in advance.
Click to expand...
You do not need to report the transaction to the IRS if the funds were acquired before you applied for U.S. residency. However, if the transfer is over $10,000, the bank will report it to the U.S. Treasury. You should also be prepared to explain the source of the funds to the bank. It’s a good idea to consult with a tax professional to ensure compliance with any necessary reporting requirements or taxes.
 
controlsauce said:
You do not need to report the transaction to the IRS if the funds were acquired before you applied for U.S. residency. However, if the transfer is over $10,000, the bank will report it to the U.S. Treasury. You should also be prepared to explain the source of the funds to the bank. It’s a good idea to consult with a tax professional to ensure compliance with any necessary reporting requirements or taxes.
Click to expand...
Your answers have been getting more and more strange - almost sure they are all AI and I am thinking your account has been hijacked, why else would you reply to a 10-year old thread?
 
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