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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I am a a legal resident of green card holder in the United

Customer Question

Hi, I am a a legal resident of green card holder in the United States. This year I'm getting ready to apply for my citizenship, since I am settled here in States. My parents are thinking of relocating to live near me. They currently live in Uruguay South America. My tax question is, do they have any tax responsibilities when they bring their money into the United States? Basically what they're thinking to do is to sell their two properties in Uruguay and bring the money to the US to buy a rental property and a primary residence where they are going to live in.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. Transferring or moving money around (bank accounts) will not trigger any tax liability. IRS tax income, not deposits or withdrawals. A tax liability arise when their money start generating money, for instance interest on savings account or rental income. If they buy a rental property here they will have to report rental income. If they are not residents (for tax purposes) the sale of their residence in Uruguay will not be taxable.