Hi. I am not a US citizen, nor a US resident. I am currently living in Romania, whose citizen I am. However, because I spent a few years in the US (obviously, legal), I have a SSN. I have filed tax returns for 3 years while I was in the US.

I have a bank account in the US, but the account is a joint account, under my name and the name of a friend of mine who is a US citizen and lives in the States.

I would like to transfer (wire) some money -- between $100,000 and $250,000 -- from my Romanian bank account to this US account. As I said, both accounts have my name on it as well, so I would technically transfer money from me to me.

Now, my questions:

1. Would I have to submit any IRS tax returns? Will I have to pay any taxes in the US on this transfer? Would my friend who is on the US joint account with me have to file anything special with the IRS? (Would it be simpler if the US account were only under my name?)

2. Also, are there any special forms that need to be filled out (aside from the wire forms)?

3. Anything else I need to do to make things work smoothly (with the bank and the IRS) on this issue?

Many thanks for any answers on this topic, and a great weekend to all.

Sorin

Sori:

1) There are NO taxes due on the transfer, because, like you said, it is a transfer to yourself. However, for simplicity's sake, you should open a separate account in just your name to avoid any complications. A transfer to a joint account MAY be interpreted as a gift to the joint account holder.

2) Once the separate account is open, do the transfer. You WILL have to complete Form 3520 to explain the source of the income, but, as noted above, no taxes will be due.

3) Discuss the matter with a bank official at your U.S. bank. They will help you with the details.