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    msfantastic's Avatar
    msfantastic Posts: 13, Reputation: 1
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    #1

    Oct 30, 2008, 04:06 PM
    Fund transfer to a foreign country
    I heard that if one transfers a fund over $10,000 to a foreign country, a bank has to report it to the government. Is it $10,000 per transaction or $10,000 per year?
    Fastfun1's Avatar
    Fastfun1 Posts: 80, Reputation: 11
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    #2

    Nov 1, 2008, 05:43 AM

    If a bank credits or debits $10,000 or more in "CASH", it must file a Currency Transaction Report, or CTR, which is reported to the IRS. I note "CASH", for any and all traceable fund sources, i.e. wiretransfer, does not require a CTR.
    Amrit2008's Avatar
    Amrit2008 Posts: 1, Reputation: 1
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    #3

    Nov 24, 2008, 11:34 AM
    It is more than 10000 us dollars from india to usa, but it is one time transfer in this year. Is it taxable or need to report to the government ?
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