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    troubledmind's Avatar
    troubledmind Posts: 2, Reputation: 1
    New Member
    		  
    #1

    May 25, 2012, 09:19 AM
    What are the tax/questioning implications on wiring my money back to us from overseas
    Hello all,

    I have an acct overseas (GR) in us currency and I want to return the full amount (around $250,000). In to my acct here in NY. Will I pay anything here? Will I be questioned where I found the money and penalize me? I hear a lot of things... Form 3520 and TD F 90-22.1 when are used and why? Already paid taxes on tat money but it was brought to my country over the past 15 years. Now that things are not going well there (not safe) Iam worried that if I leave it there... I will lose it, and that If I bring it here I will be treated like a some sort of a criminal. The bank here told me that they do not repost anything to the IRS regardless the amount (unless was cach over $10,000). Can anyone help me to answer tese questions above?
    Thank you,
    Nicole
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 25, 2012, 07:11 PM
    There are no transfer taxes in the U.S. You will report the transfer using Form 3520, but that's information.

    You may need to report the accounts using the FBAR, but only for those years you filed as a resident.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    May 25, 2012, 07:12 PM
    For a more detailed analysis, email me at the email address in my profile.
    Leo Lo's Avatar
    Leo Lo Posts: 1, Reputation: 1
    New Member
    		  
    #4

    Oct 27, 2012, 11:40 AM
    Hi,

    My wife and I are US citizen currently living in US. We sold our house in foreigner country last month (~US$250K) and would like to wire the money into our US account here. Question we have is, beside filing form 3520 in 2012 tax return, do we need to fill any other forms? Any tax implications? Appreciate your helps. Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Oct 27, 2012, 09:40 PM
    If you lived in the home for at least two of the last five years, then, NO, you have no further reporting requirements.
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