International Transfer to USA when not a green card hold (tax implications)

[chapam 0]

Hello,

My wife has been in the country since Feb 2014. She is half-way through AOS. She just got her employment authorization and advance parole card. Our next step is for her to get her Social Security card.

My questions are:

1) If she has funds (savings) of about 100K what would be the best way to transfer the money without tax implications?

2) If the money is transferred/wired to my account will this constitute income on my part then have to pay tax?

3) Should I tell her to keep her savings in Macau (China) until she has SS number then open an account in her name?

4) Does this make any difference if she is green card holder or not?

Thank you in advance...

[Harpa Timsah 13,258]

There is no tax to transfer money here. Do it how you like.

[Dave&Roza 748]

Hello,

My wife has been in the country since Feb 2014. She is half-way through AOS. She just got her employment authorization and advance parole card. Our next step is for her to get her Social Security card.

My questions are:

1) If she has funds (savings) of about 100K what would be the best way to transfer the money without tax implications? Wire transfer. It costs us $50 on the US side and $26 on the receiving side so I always send and extra $26 to cover those costs. All you need is the wire information of the account in the US you want to send it to and she most likely will need to do this in person where the money is located.

2) If the money is transferred/wired to my account will this constitute income on my part then have to pay tax? Being that you are married it is her money and your money so no need to worry about gift taxes for amounts over $10K. It would never be considered income.

3) Should I tell her to keep her savings in Macau (China) until she has SS number then open an account in her name? Up to you. She can transfer the money to you or to her account. They may even allow her to get a bank draft, but she would need to declare that when she enters the US. Wire transfer takes care of all the reporting. If she keeps the account past the end of the year, she will have to report it as a foreign account on her income taxes, but that is about all that needs to happen.

4) Does this make any difference if she is green card holder or not? No, they check all large transactions for terrorists activity connections and money laundering whether you are a USC, LPR or non-resident. That is why the process is so complicated now.

Thank you in advance...

Good luck,

Dave

[chapam 0]

thank you for giving your time to answer my questions