[Danilo Reyes]

I am a US citizen and I plan to sell a parcel of land outside the US and to remit the proceeds , bank to bank (wire transfer ) to my deposit account here. I acquired the property before I became a citizen. The main reason why I want to transfer the proceeds here, is to buy a home. Are there restrictions, limitation as to the amount of transfer or taces to be charged? Thank you for your kind reply.

[Fr_Chuck]

Depends on where you are sending the money from. In China, without approval, there is a 50,000 USD cap to sending funds from China to the US.

So the country you are sending money from, may have a cap that they allow to be sent per day or per year.

In general for the US, there is no cap amount except that which the bank will or may allow, and/or, the amount of time they may holds the funds before they release them. (bank policy)

The issues will be the country you are sending them from, If you were sending them from Iran. Large transfers do trigger the government to look at them, to be sure there is nothing illegal going on, but you will never know about that,

Also these are not IRS rules that regulate the wire transfers, IRS you merely have to pay taxes on all income, that would include foreign incomes (although some foreign incomes are exempt)