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    eab2012's Avatar
    eab2012 Posts: 4, Reputation: 1
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    #1

    Oct 15, 2012, 02:35 PM
    Resident Alien Money Transfer from overseas to US
    I am a resident alien with L2 visa in Texas and arrived US 2 weeks ago. I would like to make a wire transfer from my accounts overseas to my account in US to buy a car and/ or cover living expenses. The amount is USD25,000. Do I need to pay tax over this amount and do I need to file any tax reports for this income?
    I will use this money to cover my expenses here explained above but I am concerned whether I will be subject to any kind of inspection. It is the money I earned abroad and will be transferred to my accounts in US but as I am not familiar with US regulations/ formalities I do not want to deal with inspections just because of such transfer.

    I would appreciate if you can help me on this issue.

    Thanks,
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Oct 15, 2012, 04:26 PM
    The United States has NO transfer taxes. Transfer the $25,000.

    The only requirement is filing Form 3520 for the transfer of amounts in excess of $100,000. That is an information-only return (no taxes due), and your proposed transfer does NOT meet the reporting threshold.
    eab2012's Avatar
    eab2012 Posts: 4, Reputation: 1
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    #3

    Oct 16, 2012, 09:11 AM
    Thank you very much for your support.

    My husband is also a resident with L1 visa. Is the regulations the same for him?

    Does it make a difference from tax or report filing perspective if I transfer the money from my accounts overseas to his account here in US?

    Thanks,
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Oct 16, 2012, 09:37 AM
    No difference, and the same regulations apply to your husband.
    eab2012's Avatar
    eab2012 Posts: 4, Reputation: 1
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    #5

    Oct 16, 2012, 10:13 AM
    I just want to make a correction. I and my husband are both non resident alien. Does it change anything?

    I have read a about the gift tax in US but could not find details. Is my transferring the amount from my accounts overseas to my husbands accounts in US trigger a gift tax? It is our mutual savings but sitting in my account in Turkey.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Oct 16, 2012, 10:22 AM
    Under current gift tax law, exchanges between spouses are EXEMPT from any gift tax.

    Besides, the gift tax laws do NOT apply to non-resident aliens under most circumstances.
    eab2012's Avatar
    eab2012 Posts: 4, Reputation: 1
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    #7

    Oct 16, 2012, 10:26 AM
    Thank you for all your help.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #8

    Oct 16, 2012, 11:02 AM
    Glad to help!
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