Skip,
No tax imposed by the US or State of residence on the transfer. Can't vouch
for their country of origin taxing the transfer or having any currency
restrictions (some places like Zimbabwe wont let you take out more than a
few dollars). Client may be taxed on the intererst earned by the US and or
State of residence
Dr. Barry Kaplan, EA, CFP®

barry[at]NOSPAMcambridgesouthern.com


"HW "Skip" Weldon" <skip5700removethis[at]hotmail.com> wrote in message
news:ivga42l9n36dql99atqck1v1t0la4v0am7[at]4ax.com...
- quote -

On Tue, 18 Apr 2006 15:00:26 -0500, "HW \"Skip\" Weldon"
<skip5700removethis[at]hotmail.com> wrote:

- quote -

Over the years I have transferred money back and forth between the US
and Canada many times, and there has never been a problem. Only the
money that the original capital generates in the form of interest or
dividends is of concern to either the IRS or Revenue Canada.

Married couple (US permanent residents with green cards) have savings
account ($40,000US) in country where they are citizens. They are
under the impression that if they were to bring that money to US that
they would be taxed (US federal and state income tax) on the transfer.

I don't think that is correct, but I am so far from my area of comfort
here as to be clueless.

Any thoughts?


-HW "Skip" Weldon
Columbia, SC