Moving Funds Back To Us.

[nlaruccia]

Out of curiosity, what does an expat returning home to the States do with savings from Argentina as far as IRS is concerned? Do you just transfer your funds back home and claim
them so you can pay taxes on them?

 

[ghost]

there should be no taxes due. If you made over about 90K a year USD in Argentina,. you would have already paid the taxes. You do not pay simply to repatriate $$$$ from income.

 

[ajoknoblauch]

there should be no taxes due. If you made over about 90K a year USD in Argentina,. you would have already paid the taxes. You do not pay simply to repatriate $$$$ from income.

How many people on this board are making upwards of US$90K per year?

 

[sleslie23]

If your "tesoro" is the result of income, you've filed your taxes, claimed your foreign tax credit, and filed your FBARs, then you should have no problems with the IRS.

One thing that hasn't been discussed much on BAExpats is FATCA:

http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

Our friendly AFIP of the North is becoming more and more interested in the behavior of its citizens outside its borders. Here are two articles describing the predicament:

http://www.forbes.com/sites/robertwood/2013/06/25/will-irs-find-your-small-foreign-bank-account/
http://www.forbes.com/sites/robertwood/2012/10/26/should-u-s-citizens-abroad-pick-streamlined-irs-program-or-ovdp/

FACTA is the reason I am living in Austin and not Montevideo. The company was not able to directly open a payroll account for me because most UR banks don't want to deal with the reporting requirements caused by US Citizens.

 

[Girino]

I am an Italian citizen and a LPR of the US, I file my taxes in the US, I filed my FBAR by June 2014 declaring I have accounts in Italy and my highest balance* in each of them in 2013.

*I don't know why they want that value, since it is pretty inaccurate: if you have 2 accounts and move 50k USD from account #1 to account #2 in a given year, you have to state 50k USD for both of them, but it doesn't mean you have 100k USD!

I was told that this is simply to let the IRS know that when you will be moving your funds from abroad to the US, there is nothing shady (this doesn't mean that you won't be asked how did you earn it).

Anyway, I am reading on this IRS page that I should have attached Form 8938 to my tax return. I filed my taxes with HR Block and they didn't mention FATCA nor attached that form to my tax return.
I am also reading that for you US citizens living abroad the thresholds are pretty high:

If you are a taxpayer living abroad you must file if:​

• You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or
• You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

 

[nlaruccia]

there should be no taxes due. If you made over about 90K a year USD in Argentina,. you would have already paid the taxes. You do not pay simply to repatriate $$$$ from income.

What if you didn't pay the taxes in Argentina? But you wouldn't have a problem claiming it and paying the IRS.

 

[Girino]

What if you didn't pay the taxes in Argentina? But you wouldn't have a problem claiming it and paying the IRS.

The US taxes your worldwide income, so if you don't pay your taxes in Argentina but you have paid them in full in the US, there should be no problem. In case you are questioned on the origin of your Argentinian money, just show them your US tax return.

 

[ghost]

What if you didn't pay the taxes in Argentina? But you wouldn't have a problem claiming it and paying the IRS.

You are asking silly stuff now. The IRS is relatively fair [relatively] but don't fuck around with them.

 

[French jurist]

What if you didn't pay the taxes in Argentina? But you wouldn't have a problem claiming it and paying the IRS.

Now the NSA knows it...

 

[Crema Americana]

You've been making money and paid no taxes anywhere? You might need some

Or actually consult a US accountant. They should be able to clarify.
http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion