Hello everyone,
I am a US resident married to a US citizen and we have a joint bank account here in the US. We have just purchased a house here in the US and I need to bring $90k USD over from my native country to help pay for the deposit. The bank account in my native country is only in my name.
My native bank has set me up to make transfers electronically from their website, but I'm wondering if there is a difference between wiring the money directly to the title company here or depositing into a US bank and then getting a cashiers check to bring to the closing. If the money doesn't even hit my bank account and goes directly to the title company, would that exclude me from declaring anything to the IRS?
Is there any difference/ramifications/taxation rules that would apply with either situation? I don't want to become embroiled with taxation forms etc at tax time and I have supplied our US lender with documents showing where the money is coming from and copies of my native bank statement as they requested.
I would appreciate any advice. We are closing in 2 weeks and I need to get that money here by then with as little fees as possible.
Thank you.