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.
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.