Funds transfering after receiving an IR-1 Visa

[k1800vti 1]

Hi guys,

 

What to look for when my wife wanted to move money from oversea from her own job and investment savings? (NOTE she was not a U.S. person prior)

Any tax consequences and anything to declare for about $600,000?

 

Thank you for your input.

[Boiler 45,449]

None

[k1800vti 1]

Meaning just open an account and transfer?

[Lil bear 4,181]

2 minutes ago, k1800vti said:

Meaning just open an account and transfer?

Yes

[k1800vti 1]

No need to declare anything to the IRS as she is a new immigration, thanks 

 

Thanks 😃

[Crazy Cat 41,814]

12 hours ago, k1800vti said:

No need to declare anything to the IRS as she is a new immigration, thanks 

 

Thanks 😃

No reason to declare because the US taxes income...not wealth...........a transfer to a US account is not always classified as income.

[Mike E 11,739]

The assertions that she does not have to report anything are likely wrong. 
 

First it is true that transferring existing cash  from another country to a USA financial account is not a taxable event.  
 

Second given the size of the transfer the bank in the USA will report the transaction to the USA department of treasury.  Depending on the country where foreign account is, if that country knows she is an LPR of the USA they will report the transfer to the USA department of treasury.  
 

Do not be tempted to structure these transfers into smaller amounts so as to avoid the bank(s) reporting to Treasury. That is called structuring and is illegal.  
 

Third, any year where she has a bank account with a balance over $10,000 at any time during the year must be reported to Treasury by April 15 of the following year. Google around for FATCA reporting.  These reports are done electronically, and are a totally pain in rear end.  

[k1800vti 1]

7 hours ago, Mike E said:

The assertions that she does not have to report anything are likely wrong. 
 

First it is true that transferring existing cash  from another country to a USA financial account is not a taxable event.  
 

Second given the size of the transfer the bank in the USA will report the transaction to the USA department of treasury.  Depending on the country where foreign account is, if that country knows she is an LPR of the USA they will report the transfer to the USA department of treasury.  
 

Do not be tempted to structure these transfers into smaller amounts so as to avoid the bank(s) reporting to Treasury. That is called structuring and is illegal.  
 

Third, any year where she has a bank account with a balance over $10,000 at any time during the year must be reported to Treasury by April 15 of the following year. Google around for FATCA reporting.  These reports are done electronically, and are a totally pain in rear end.  

Dear mike,

 

I have heard that there will be a form require for the IRA for the source of fund which is normal. Her funds are 100% legal from work and investment. 
 

Is it what you are referring to?

[Mike E 11,739]

15 hours ago, k1800vti said:

Dear mike,

 

I have heard that there will be a form require for the IRA for the source of fund which is normal. Her funds are 100% legal from work and investment. 
 

Is it what you are referring to?

I have wire transferred amounts over $200,000 USD from foreign bank accounts to my USA account and have never been asked the source. 
 

I have hand carried amounts in excess of $10,000 USD across the border, obviously declared it to USA customs, and Was never asked about the source.  Indeed USA customs freaked out that I had small amounts of currency form a dozen or so countries (totaling about $500) and was sent to secondary inspection for that.  
 

An new immigrant to the USA should be expected to be bringing in lots of cash.  And the immigrant has gone through extensive security background checks.  
 

You have nothing to hide.