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    yousef younesi's Avatar
    yousef younesi Posts: 1, Reputation: 1
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    #1

    Nov 17, 2012, 03:00 PM
    Transfer of Money from Oversea
    My brother inlaw who is a citizen of Israel wishes to transfer $400,000.00 from his bank account to my wife's bank account in US. My wifw is a citizen of US. How IRS look at this? Will this money be taxable? How my wife can avoid taxes?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 18, 2012, 06:46 AM
    There are no transfer taxes, and, since he is NOT a U.S. citizen, there will be no gift tax.

    Your spouse will gave to report the transfer on Firm 3520, but that is information only.
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