Transfer of funds from Ireland

Hello

My family and I moved from Ireland a few years back for work reasons. We have property in Ireland; however, I've never admited to this on any of the paperwork I've filled out before for the the government. As far as the government knows, I own nothing. This decision is hanging over my head like a dark cloud these days.

Originally I wasn't sure how long I'd stay, but the family is used to this country so now were here for good. We'd like to buy a house in this country but can't afford it solely on my income.

1) I could sell my irish property and take that sum of money over here. Will the u.s. government try to tax me on this money at some point? And if they find out this money is from the sale of property I wasn't supposed to have, how much trouble am I in?

2) If we don't sell our property, and instead rent it out (the rental market is good over there now) can the u.s. government tax us on that income in the following cases: a) all the money stays in Ireland (simply paying of the mortgages we have on those properties) and/or b) we divert some of the rental income to supplement our u.s. income (to help pay for a u.s. home)

Currently, we're permanent residents, and will apply for citizen when eligible.

Thanks for any advice you can offer.

Bob Murphy
[email protected]

The US Government taxes the worldwide income of its citizens and permanent residents, in accordance with the Internal Revenue Code, and the various treaties that are in force. Most foreign countries tax people on income derived from that foreign country. If and to the extent you pay a tax to Ireland, you usually get a credit against US taxes.

I have no idea what taxes you'd incur on the sale in Ireland. I have no idea what the US Ireland treaties call for in terms of credits.


It seems that you are far more likely to get into trouble if you lie about your income than if you forgot about property on earlier filings, so long as you were not trying to hide INCOME.

This is something you should discuss with an accountant first to get a sense as to the alternatives in terms of taxes, and then ask an immigration lawyer how you should handle it in terms of the past immigration filings so you do not jeapordize your residency.

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