Transferring money from Russia to a bank account in the States?

Question by logite22000: Transfering money from Russia to a bank account in the States?
We live in the States and want to buy a house with money we will receive from Russia…
Do we need to pay taxes on the money?

Answers and Views:

Answer by the tax lady
Transferring the money is not the problem.

1. If you have the money and it’s more than $ 10K in a foreign account, you have an annual filing requirement for form TDF 90-22.1. Penalties are SEVERE if you don’t file it.

2. Where is the money coming from? Did you sell property? Was it savings? Income was already to be reported on your annual tax returns so between the 1040 and the 90-22.1, you are covered.

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