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rocky12345
Mar 27, 2014, 04:19 PM
I would like to transfer money from overseas bank account in England, of a family member to my account in the US. What are my obligations on that issue, its not a gift. And its an amount exeeding $250,000usd

rocky12345
Mar 27, 2014, 04:22 PM
Rules on transfer money from overseas account of non u.s resident

AtlantaTaxExpert
Mar 28, 2014, 12:01 AM
While there are no transfer taxes, you will need to submit Form 3520 to report the money transfer and explain the nature of the transfer.

Information only; no tax will be assessed.