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    canonikon's Avatar
    canonikon Posts: 1, Reputation: 1
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    #1

    Mar 27, 2012, 07:35 PM
    Sending money to South Africa from the USA do I have to let IRS know?
    I am investing in real estate in South Africa and my gf's parents will be handling the finances there in South Africa. I need to wire transfer $80,000 to them (bank to bank).

    Question is do I have to tell IRS I am sending $80,000 to South Africa?
    Do I have to pay taxes on that $80,000?
    Is it better if I wire $40k and my girlfriend wires $40k?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 28, 2012, 05:56 AM
    Quote Originally Posted by canonikon
    Question is do I have to tell IRS I am sending $80,000 to South Africa?
    No.

    Quote Originally Posted by canonikon
    Do I have to pay taxes on that $80,000?
    No, at least not in the US. I don't know how South Africa treats incoming international wire transfers.

    Quote Originally Posted by canonikon
    Is it better if I wire $40k and my gf wires $40k?
    Doesn't matter, at least not from a US tax perspective.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Mar 28, 2012, 12:16 PM
    Agreed; there are NO transfer taxes for the United States, and the transfer amount falls BELOEW the $100K threshold for filing Form 3520.
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