Will transfered money be taxed? 2 Answers as of May 06, 2011
If a non-resident foreigner has saved lots of money in a US account, before the money is withdrawn, the foreigner received his greencard. After he becomes a US permanent resident, he wants to transfer most of the savings in that US account to his own account in his origin country. Will he be taxed?
David Hoines Law
| David Hoines
He is subject to tax on the earnings of his saving account after he gets his green card.
Answer Applies to: Florida
Meyer & Yee, LLP
| Kent W. Meyer
Principal is probably ok- interest earned after residency should be taxed.
Answer Applies to: California
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