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K8t
Jun 29, 2012, 09:48 PM
I sold my primary home in the UK and want to have the proceeds of the sale wired into my account in the US. I am not a US citizen but would like to buy a home here. Will I have to pay taxes on the money if I wire it into a US bank ? The amount is approx $230,000
AtlantaTaxExpert
Jun 29, 2012, 09:56 PM


There are NO transfer taxes in the United States; however, you MAY need to file Form 3520 to explain the source of this income.
K8t
Jun 30, 2012, 06:43 AM
Will the bank or the IRS notify me if I need to submit that form ?
AtlantaTaxExpert
Jun 30, 2012, 07:01 AM
The bank MAY mention it when you do the transfer, but it is your responsibility to submit the form if requirec.