Any tax gurus?

[deepak]

I want to convert a fair amount of Euros in a EU bank account to my US banks. This was money earned from work, and EU income tax has already been paid on it.

Are there any issues/complications I should be aware of when transfering it back stateside? Any tax issues with the US?

I'm going to contact our hospital's financial adviser next week, but thought I'd ask here.

[aardvark baguette]

While not financially sound, or based out of any knowledge, this is my advice:

Spend it over there on U.S. goods, have it shipped there. Then either enjoy the goods, or bring them back to America later and sell.

I haven't the faintest idea whether or not that is legal, but thats what I'd do.

[tyrion]

What, you don't have people?

[n_maher]

deepak,

I'd sit down with an accountant if you can. International income, based on what little I've heard from friends who've worked abroad, gets rather complicated.

[deepak]

deepak,

I'd sit down with an accountant if you can. International income, based on what little I've heard from friends who've worked abroad, gets rather complicated.

Yup that seems the way to go.

[tyrion]

deepak,

I'd sit down with an accountant if you can. International income, based on what little I've heard from friends who've worked abroad, gets rather complicated.

Just look at Tim Geithner.

[deepak]

While not financially sound, or based out of any knowledge, this is my advice:

Spend it over there on U.S. goods, have it shipped there. Then either enjoy the goods, or bring them back to America later and sell.

I haven't the faintest idea whether or not that is legal, but thats what I'd do.

I have to save this. The buy/sell idea isn't possible with this amount...

What, you don't have people?

No people

Maybe we could substitute one or two of the H-C lawyers with finance people

[Hopstretch]

I am not a finance person, but do know that many EU countries have double-taxation treaties with the US. These specify that income earned by US citizens in those countries (and vice versa) will be taxed only once, in the country where it was earned. You will have to check to see if there is a treaty that covers the locale where you were working and then determine what your reporting obligations are to the IRS.

[laxx]

I always thought if you're a US resident and work over seas, you pay over seas tax while working, then US tax to bring it back. Definitely speak with an accountant. I'm sure there are loopholes.

[deepak]

Worst case, I'll just leave the account open and keep transfering the maximum non-taxable amount allowed back to the US monthly

[postjack]

Wait a minute, I see where this is going. A foreigner trying to get a large sum of money out of one country and into the US...

Next your going to be asking for our account numbers and routing numbers via PM!!

Well I've got news for you mister:

[Dreadhead]

Worst case, I'll just leave the account open and keep transfering the maximum non-taxable amount allowed back to the US monthly

Actually if you were a resident of the US when you earned it you owe taxes on it. You'll be credited for whatever EU taxes you already paid.

If you earned it while you were abroad (and not a US cibring it on in. It's just money moving around not income at that point. I brought a lot of money in that I had before moving to the US and had no issues because it's not income it's money that you already "own".

I the end it may be worth it talk to an accountant.