Foreign money transfer to USA
I have two questions
1. I inherited $50,000 from property sold in a foreign country country from a non us resident. Are there tax consequences in the US when I transfer the money? Can I carry the money in cash into the US after declaring it.
2. a non US family member and his family recently moved to the US to work with a three year visa. Are there tax consequences or other requirements in the US when he sells his overseas property and transfers $200,000 to the uS. Can he carrry this in cash.
Please no comments whether the cash carrying is safe or wise.
Thank you in advance for any comments.
Comment on lawanwadee's post
Thanks for the excellent info lawanwadee. I know this is an old thread but still applicable because the 2009 and 2010 Form 3520's have not changed by much.
Based on the instructions for Form 3520, it seems that any amount under $100,000 from a foreign person (wire transfer from direct relative) does not have to be declared via the 3520. However if the source is a foreign trust, the rules that apply are quite different. And as you mentioned, the amount is also not a taxable income.
Just wanted to confirm I'm reading and understanding the form correctly. Thanks!
Comment on lawanwadee's post
Also Is there a different form that needs to be included when filing in order to declare the amount received via the wire transfer from a foreign relative (over $10,000 but under $100,000)?