Hope someone might be able to answer this.
My Father who is American recently retired, but he spent 20 years working abroad in Brazil. Over his career he saved up a lot of money in Brazilian currency, purchased a Brazilian apartment, and stored the rest of the money in a foundation at a Brazilian bank. However, he has since returned to the United States and as he gets older, our family is seriously considering transferring all of his earnings from Brazil to the United States.
Can someone elaborate on what will happen if he tries to import his money? I believe he was taxed by the Brazilian Federal Government at the time. Does he also get taxed by the United States government? - would seem excessive.
I do not believe he reported any of this to the IRS as he was living in Brazil at the time and had not returned to the US until many years later. If he did not reported this to the IRS would that mean he has broken some laws?
What would be the easiest way to transfer the money and avoid getting harassed by the IRS?
[On a side note, unlike my Father, I am a dual citizen of the United States/Brazil and I would like to help him if I can, but I do not want to get involved if it sounds like he broke the law in some capacity]
My Father who is American recently retired, but he spent 20 years working abroad in Brazil. Over his career he saved up a lot of money in Brazilian currency, purchased a Brazilian apartment, and stored the rest of the money in a foundation at a Brazilian bank. However, he has since returned to the United States and as he gets older, our family is seriously considering transferring all of his earnings from Brazil to the United States.
Can someone elaborate on what will happen if he tries to import his money? I believe he was taxed by the Brazilian Federal Government at the time. Does he also get taxed by the United States government? - would seem excessive.
I do not believe he reported any of this to the IRS as he was living in Brazil at the time and had not returned to the US until many years later. If he did not reported this to the IRS would that mean he has broken some laws?
What would be the easiest way to transfer the money and avoid getting harassed by the IRS?
[On a side note, unlike my Father, I am a dual citizen of the United States/Brazil and I would like to help him if I can, but I do not want to get involved if it sounds like he broke the law in some capacity]
Federal Taxes: Brazil to United States
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