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?

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.

Thanks! Everyone told me to run because of scams. Glad I didn't!

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Originally Posted by MoneySmart

Thanks! Everyone told me to run because of scams. Glad i didn't!

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We'll see about that!

Come back and tell us when you're broke.

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.

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?

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.