View Full Version : What are the foreign lottery winnings transfer to USA procedures ?
MoneySmart
Mar 21, 2011, 01:05 PM
I am holding in excess of 1M dollars of lottery winnings in foreign bank account. What are the procedures- declarations- forms- fees and tax consequences for transferring to USA?
ebaines
Mar 21, 2011, 01:43 PM
MoneySmart - (I think that's a pretty funny screen name, given the topic) - I am resisting the urge to shout that you're been scammed, and will take on face value that in fact you have already received this $1M and it is sitting in your own bank account in a foreign country. Simply give wire transfer instructions to your foreign bank and they can transfer it wherever you want. Fees for wire transfers vary, but expect to pay $25 or so. But be forewarned - if what has actually happened is someone notified you that you are a winner of a lottery and all you need do is provide them with your bank info - you should run away as fast as you can, because it's a scam.
As for US tax implications - lottery winnings are considered income and hence subject to income tax. There is no tax for transferring money into the US.
MoneySmart
Mar 21, 2011, 02:24 PM
Thanks! Everyone told me to run because of scams. Glad I didn't!
J_9
Mar 21, 2011, 02:45 PM
Thanks! Everyone told me to run because of scams. Glad i didn't!
We'll see about that!
Come back and tell us when you're broke.
MoneySmart
Mar 21, 2011, 03:10 PM
To many people broke already! I'm a Financial-educator Entrepreneur- even a very successful one. How about if I report back to you on how I made the money work for me. Might be an incentive for others.
Wondergirl
Mar 21, 2011, 03:26 PM
Is this money in one of your own foreign accounts? Or is it in a company's foreign account that is to be transferred to your US account?
MoneySmart
Mar 21, 2011, 03:45 PM
Good question.. . Purchased lottery ticket in the foreign country- funds initially transferred into the "Bank's" account- a personal account was then set-up in my name- then funds transferred- have drawn from my account numerous times.