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Old 12.01.2017, 13:53
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Repatriation of CH FEI back to the US

just when i think i understand the tax / money aspects of potentially taking a job in CH, a new one emerges. i've searched the forum and wasn't able to get any definitive answers related to double taxation back home as an american while earning a living here in CH with regards to the following situation:


i work in CH for 3 years and decide it's time to go back to the states b/c of a job or whatever. instead of leaving my post tax CH income that now resides in local CH savings / checking accounts, it makes more sense to me (i think??) to repatriate that savings / checking account money back home to *consolidate* it into fewer accounts. this makes it easier to manage and i don't have to worry about multiple addresses and tax situations / investments around the globe

1) since i already paid double taxes (both in CH and back in the US if my FEIE / FTC didn't offset it) on the swiss income in the years i earned and reported it, when i transfer that same money back to the US in a lump sum in a later year, will i be taxed for it?

with all the new reciprocal reporting agreements between banks and the fact that i already reported it back in the USA when it was earned i'm pretty sure there is no double taxation but i wanted to :

a) confirm that?

b) know what *specific* US tax form(s) and or *specific* item numbers on said form(s) is used if required in the year of the repatriation transfer?

c) know any associated irs publication(s) covering this specific case welcome as well

2) at the time of the later repatriation transfer, the currency exchange rate between USD and CHF might be either (very) high or low but most probably not the same. so it's likely i will realize either a gain or loss on my CHF income at the time i repatriate back to the USA

c) what's the best (lowest fee method / most favorable exchange rate) method or service provider for getting the money out of CH accounts and back to US accounts? simply write an international check, wire transfer between the intl banks or some other current third party service provider? if check not allowed, are fees flat or a percentage of the amount wired?

sorry i've never transferred funds between accounts overseas let alone domestic in my life other than write a check

d) must i report a transfer transaction that results in a loss or gain as a deduction / income on my US tax forms in the year of the transfer? if so what forms, item numbers and publications cover this?

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