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How much money can I transfer to usa
I have just emergrated to the USA from the UK. I need to transfer the money from the sale of my home in the UK to the USA, in order to buy one here. Is it okay to transfer it all over here (100,000) and will I need to pay any tax?
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You can bring as much as you want to from UK. It will not be taxed. This includes cash, checks, bank transfers etc. If they wire transfer money from UK to the your bank in US, your bank reports it to the Dept of Treasury as long as amount exceeds $10K just as info return. Financial institutions that process any transactions of $10K or greater are obligated to report the deposit to the Department of Treasury.However, the amount is lowered to $5K if the bank has reason to believe the deposits and profits were obtained illegally.You, now as a US resident, need to file Form 3520 to report receipt of certain large gifts or bequests from certain foreign person(s). In general, Form 3520 is due on the date that your income tax return is due, including extensions. NOTE:If a complete Form 3520 is not filed by the due date, including extensions, the time for assessment of any tax imposed with respect to any event or period to which the information required to be reported in Parts I through III of such Form 3520 relates, will not expire before the date that is 3 years after the date on which the required information is reported.
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