Offshore accounts

What is the name of your state? PA

I have married a US lady and have monies of my own in an offshore bank that I would like to bring in to the US to put toward buying a business. These monies were earned out of the US. Do I have to pay taxes on bringing them in? Do I have to "declare" the monies?

Thank you.

[abezon]

You do not pay taxes on money you owned before becoming subject to US tax laws; you do pay US taxes on the interest/dividends/gains that money earns after you become subject to US taxes. You will need to declare the accounts on a Form TD F 90.22-1 every year.

I strongly suggest you consult a tax pro with international experience. You & your wife will need to decide how to file (joint, married separate + non-resident, head of household + non-resident). The decisions you make in the first year can have far reaching tax consequences.

If you have any retirement accounts, be sure you get the fair market value of the accounts as of the date you became subject to US taxes. This will be your "basis" in the accounts for purposes of determining how much of any withdrawal is taxable.

You did not specify if you have lived in the US before marrying the woman, nor did you specify what country you are a resident of. You may also have tax treaty issues. Again, consult a tax pro with international experience.

Thanks a lot for the advice, Abezon.