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    KWZ99's Avatar
    KWZ99 Posts: 12, Reputation: 1
    New Member
     
    #1

    Nov 3, 2011, 09:23 AM
    Wire money from overseas to buy a home in US
    Dear please help to get some answers

    I am H4 Visa holder and US tax payer. I want to transfer money (wiring using major international Banks branches)from my savings account in Mexico and Brazil to my banking account in the US to buy a home. Both accounts overseas and US are under my name.
    The total amount is around $150,000.00.

    Pleaseinform me
    1- Should I pay taxes ?
    2- Should I report to IRS and other government agency in US ?
    3- What is the correct procedure ?
    4- Should I report in my 2011 incoming tax to IRS ?

    Best regards
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Nov 3, 2011, 11:21 AM
    1) No.

    2) Because the amount transferred is over $100K, you will probably need to file Form 3520 to report the transfer amount of $150,000. No taxes are due; you just need to identify the money sources.

    3) Discuss this with your U.S. bank; they will know all the required reports.

    4) No; it is NOT income and there are no transfer taxes.

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