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About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants. Visit my website at www.johnstancilcpa.com. Also visit my blog, www.thetaxdocspot.com.

Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill College

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Tax Law (Questions About Taxes) - international money transfer

Expert: John Stancil, CPA - 11/1/2009

Question
I have some money in my home country that I want to transfer to my US bank account to pay for down payment of a house. The money is in the range of $10k-$100k. They've already taken taxes out of that money in my home country.
1) Do I have to pay taxes on it in the US when I transfer it?
2) Even if I don't need to pay taxes, do I need to declare it somehow?
3) Would it matter if the money is transferred from an account under my name or my parents name from my home country?
Thanks

Answer
Alp,

Thanks for your question.

1. The money is not taxable, assuming it was not earned income while you were a U. S. citizen or resident.

2.A transfer of that amount will automatically be reported by the receiving financial institution.

3. If the money is not in your name, a Form 3520 must be filed if the amount exceeds $100,000 and comes from an individual. But, not tax.

Hope this helps.

John Stancil, CPA

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