Do US banks report to foreign countries?
Do US banks report to foreign countries? With a “reciprocal” IGA, the US is generally required to exchange information about accounts held in US financial institutions by citizens or residents of the IGA partner countries.
How much money can you receive from overseas without paying taxes?
According to IRS regulations, if the aggregate amount received from the nonresident exceeds $100,000 during the taxable year, the gift needs to be reported. There are no taxes due, so this is just a filing/reporting requirement. There are a few states that might want to tax the money especially if it's an inheritance.
Why do I have to pay US taxes if I live abroad?
In general, yes — Americans must pay U.S. taxes on foreign income. The U.S. is one of only two countries in the world where taxes are based on citizenship, not place of residency. If you're considered a U.S. citizen or U.S. permanent resident, you pay income tax regardless where the income was earned.