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    rfcready's Avatar
    rfcready Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 18, 2009, 06:17 AM
    Money transfer from Bolivia to US
    Hello
    My wife has inherited a sum of money in Bolivia ,she wants to transfer the amount from there to the US where she is a citizen.How does she go about this paying the least amount in tax?
    Thanks
    Five Rings's Avatar
    Five Rings Posts: 459, Reputation: 7
    Full Member
    		  
    #2

    Nov 18, 2009, 09:27 AM

    There is no tax on that money. In America gifts and bequests are not considered income.

    Nevertheless, if it is $100,000 or over an informational form is required to be submitted.
    See: http://www.irs.gov/pub/irs-pdf/f3520.pdf
    http://www.irs.gov/pub/irs-pdf/i3520.pdf
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Nov 19, 2009, 04:03 AM

    If the amount transferred exceed $100,000, file form 3520.
    If you or your wife have foreign account, then you may have to file Form TD F 90-22.1.
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