Overseas savings are taxable?
Does anybody know or has been in the same situation as i currently am? I have some savings in Mexico, where i am originally from, that money is product of my work when i lived there, now i have became a US resident and want to bring those savings for a down payment for a condo, i know i may have to declare that money when i file my taxes, but will i have to pay taxes on those savings which already payed taxes in Mexico??? What is the best way to deal with bringing your money from overseas??? Help
Public Comments
- The money is not income. However, if you have had $10,000 or more in a foreign account, you were to file a form TD F 90-22.1 by June of each year to show that you had the account and include any interest income from it on your tax return. If you haven't been filing those returns, the IRS may question the source of the money and deem it unearned income.
