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    Backdraft's Avatar
    Backdraft Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 22, 2008, 10:11 AM
    Overseas Wire Transfer
    I have an overseas account that where I wish to transfer funds to the United States. What is my tax liability on this if any?
    Thanks.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Dec 22, 2008, 10:48 AM

    If you are transferring your own money, there is no tax on it.

    United States Treasury Regulation 31 CFR 103 require that every United States person file this form TD F 90-22.1 if at any time during a year, you have an interest in or a signature or other authority over a financial account in a foreign country, such as a bank account, securities account, or other financial account and the total amount at any time in the year was $10,000 or more.
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #3

    Dec 22, 2008, 08:45 PM

    If you are a U.S. citizen or a U.S. resident any interest income on the account should be reported on your U.S. tax return.
    jbhbs's Avatar
    jbhbs Posts: 1, Reputation: 1
    New Member
    		  
    #4

    Jun 14, 2009, 11:21 PM
    I am in a slightly different situation. I married my wife who is a foreign national. She is coming to the US soon and she is getting her green card. She want to wire her savings from her bank to mine and later on, we will change my account into a joint account. So what is the tax liability of the money she will wire to the US? Thanks

    Quote Originally Posted by MukatA View Post
    If you are transferring your own money, there is no tax on it.

    United States Treasury Regulation 31 CFR 103 require that every United States person file this form TD F 90-22.1 if at any time during a year, you have an interest in or a signature or other authority over a financial account in a foreign country, such as a bank account, securities account, or other financial account and the total amount at any time in the year was $10,000 or more.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Jun 15, 2009, 09:08 AM
    As noted, if it is YOUR money, NO tax is due.

    However, expect to complete and submit Form 3520 to document from where the money comes for the bank and IRS.
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