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hi!
im a european citizen (EU member country) with an american fiance. soon i will be moving into the US to marry him. i have a small amount of savings in my home country which im planning on taking with me into the US - possibly buy a tiny apartment or house to live in.
unfortunately i have no idea of how taxing and such work, im trying to do my research online but i cannot find much info on this. right now i am a foreigner, nothing to do with the USA, but a few days after my arrival i will be marrying a US citizen and thus applying for a green card right after. when i take my savings into the US (as a foreigner), do I have to pay any taxes on that? as i dont have a bank account anywhere right now, id be doing that as cash on me - reporting it to customs on a form on arrival to texas (final destination is another state).
i mean, as at that point in time i have nothing to do with the US, i didnt think i would have to. however, i will become a green card holder soon after that. not to mention the money i take with me (about 60k dollars) would be deposited in my fiance's account, or an account we open together after our marriage. this is still my property (unless paying into his account counts as a gift...), so what would be the consequences to this regarding tax?
I am not a tax specialist but AFAIK you will not owe any taxes prior to your arrival and getting greencard. However, if you get your greencard the same year you generate income outside US, you will have to consider few things -
1) FBAR form TD F 90 to report balances exceeding a certain amount outside the US. I dont remember the amount.
2) Pay taxes on any income generated anywhere in the world after you have a greencard or establish residency in the US for immigrant purposes (such as folks on H1b visa, etc.). US taxes on global income and not just income generated in the US. However, your taxes from income generated outside the US may be lower based on "tax treaty" that US may have with your country to prevent double taxation.
Again, it is best to directly consult with a tax specialist dealing with international taxation. Avoid H&R block, etc. I mean really a good specialist.
You have to fill out an FBAR if any day in a fiscal year, the combined balance in all your bank accounts outside US was greater than or equal to $10k. Thats only applicable based on your immigration status and whether you need to file a US tax return.
You should really consult a tax specialist before arriving in the US.
im still a bit confused. the root of this confusion is that this money was earned before this tax year (i saved up from 2009-2013) so its not really income that was generated this year or anything. this is something i saved up before even applying for a green card. im just moving it with me into the US, haha.
the other thing is, its not in a (outside US) bank. its all cash. so i dont really understand how the FBAR would work.
hi!
im a european citizen (EU member country) with an american fiance. soon i will be moving into the US to marry him. i have a small amount of savings in my home country which im planning on taking with me into the US - possibly buy a tiny apartment or house to live in.
unfortunately i have no idea of how taxing and such work, im trying to do my research online but i cannot find much info on this. right now i am a foreigner, nothing to do with the USA, but a few days after my arrival i will be marrying a US citizen and thus applying for a green card right after. when i take my savings into the US (as a foreigner), do I have to pay any taxes on that? as i dont have a bank account anywhere right now, id be doing that as cash on me - reporting it to customs on a form on arrival to texas (final destination is another state).
i mean, as at that point in time i have nothing to do with the US, i didnt think i would have to. however, i will become a green card holder soon after that. not to mention the money i take with me (about 60k dollars) would be deposited in my fiance's account, or an account we open together after our marriage. this is still my property (unless paying into his account counts as a gift...), so what would be the consequences to this regarding tax?
Do you seriously plan to carry a bag with 60k in currency? Why don't you simply open a bank account in your name in an international bank and deposit the money?
Note that if you deposit it in your fiance's account, or even a joint account, your statement "this is still my property" is not true.
How well do you know your fiance? Is he encouraging you to transport cash rather than opening your own bank account and depositing the money? This seems very suspicious.
thanks again for the answers and advice! i will look into the other forum as well!
ahh, bank accounts. usually rip you off. especially in europe (i dont really know the US bank system that well...). if i try transferring bigger amounts of money, they take off hundreds of dollars for themselves, not to mention their conversion rate is terrible.
haha, it might sound suspicious to people who dont know us, sorry about that. and thank you for your worrying, really nice of you. i know the guy well, he actually has no clue of the fact that im trying to get money into the US.
You will have to declare the cash at point of entry. The you will have to find a financial institution willing to accept foreign cash and convert it to US $. You are looking at substantial fees.
It is easiest to convert in Europe. Some institutions offer foreign currency accounts. Then all you have to deal with is the wire fee at both sides.
I have an account in bank of america (washington) since 2012, as a non resident, without an SSN.
I have a little deposit there, just to save my saving from europe troubles.
No problem, I pay taxes in the USA, as a foreigner, about 30% of the earned interest.
In september I will be LPR (green card holder), and I guess I will pay taxes on a local rate.
I have an account in bank of america (washington) since 2012, as a non resident, without an SSN.
I have a little deposit there, just to save my saving from europe troubles.
No problem, I pay taxes in the USA, as a foreigner, about 30% of the earned interest.
In september I will be LPR (green card holder), and I guess I will pay taxes on a local rate.
You have a DDA with W8, interest reporting to Germany.
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and thank you for your worrying, really nice of you. i know the guy well, he actually has no clue of the fact that im trying to get money into the US.
