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    bioman57's Avatar
    bioman57 Posts: 1, Reputation: 1
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    #1

    Sep 9, 2012, 01:13 PM
    Reporting money sent to the Philippines
    My wife and I are US citizens, wife is dual citizen. We are planning on reitring in the Philippines next yr. We have a same account in a band in the Philippines and I would like to sent $50,000 this year Bank to Bank transfer this year. Do I need to report it and how do I do this.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Sep 9, 2012, 01:52 PM
    There are NO transfer taxes in the U.S. though there may be in the Philippines.

    The amount transferred ($50K) is below the $100K threshold for reporting the transfer on Form 3520.
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