
Quoting
Yumichan
I have about $100K in Japan from my father`s life insurance. I want to bring it back to the US to use as my down payment for my house.
If I had it wired to my bank account in the US, would I have to declare as income? Will I be taxed for it? If I had it wired in small increments, would I still be taxed?
What if I convereted it into travelors check (or a bank check) and carried it back? Would that make any difference in the taxes?
I did not have to pay taxes on this money in Japan, since it did not exceed the taxable amount of Life Insurace. Do I need documentation on this money (like a receipt) that this money was paid to me (and my brother) and have it translated?
I would appreciate any kind of help in this matter!
Thank you.