Transferring money into US

[Sofitalian 134]

Hello all, 

 

I had tried to open a bank account in US when I was there last time, but the bank didn't accept because I didn't have SSN. Now I got my IR1 visa and am planning on how to move my assets (savings account) into US before I move this year. Is there any issue if I transfer my money into my husband's account? I have his bank account set up with my bank and had done several wire transfers before over the past few years. We plan to do a few transfers before I move, but each will still be over $10K. All the money is legit as it's coming from my wages which I saved over the years. I'm just wondering if it will trigger any tax issue on his part or my part when I arrive.

 

 

[Wuozopo 4,293]

18 hours ago, mave said:

Hello all, 

 

I had tried to open a bank account in US when I was there last time, but the bank didn't accept because I didn't have SSN. Now I got my IR1 visa and am planning on how to move my assets (savings account) into US before I move this year. Is there any issue if I transfer my money into my husband's account? I have his bank account set up with my bank and had done several wire transfers before over the past few years. We plan to do a few transfers before I move, but each will still be over $10K. All the money is legit as it's coming from my wages which I saved over the years. I'm just wondering if it will trigger any tax issue on his part or my part when I arrive.

 

 

i can’t think of any tax issues. While there is a $15,000 limit per person before the giver must pay gift taxes, that doesn’t apply to giving your spouse money. Also there are some reporting rules when receiving money from foreigners, but only if the total exceeds $100,000 per year. 
 

 

[Sofitalian 134]

5 hours ago, Wuozopo said:

i can’t think of any tax issues. While there is a $15,000 limit per person before the giver must pay gift taxes, that doesn’t apply to giving your spouse money. Also there are some reporting rules when receiving money from foreigners, but only if the total exceeds $100,000 per year. 
 

 

Thanks @Wuozopo. If over $100,000 per year, the reporting part is still handled by his bank, right?

[Wuozopo 4,293]

7 hours ago, mave said:

Thanks @Wuozopo. If over $100,000 per year, the reporting part is still handled by his bank, right?

The bank will report to the treasury department any transfer of over $10k as part of record keeping- banking laws of the Patriot Act. That’s more about creating a paper trail aimed at money laundering, terrorist funding. 
 

I was speaking of IRS obligations for the individual recipient. There can be additional irs forms to fill out when one receives foreign gifts, bequests, etc depending on the nature of who/what gifted the money and how much. From individuals (not corporations), an aggregate of $100k received requires it. On the IRS website, search for “Large Gifts or Bequests from Foreign Persons”.

[Sofitalian 134]

On 8/16/2020 at 8:05 PM, Wuozopo said:

The bank will report to the treasury department any transfer of over $10k as part of record keeping- banking laws of the Patriot Act. That’s more about creating a paper trail aimed at money laundering, terrorist funding. 
 

I was speaking of IRS obligations for the individual recipient. There can be additional irs forms to fill out when one receives foreign gifts, bequests, etc depending on the nature of who/what gifted the money and how much. From individuals (not corporations), an aggregate of $100k received requires it. On the IRS website, search for “Large Gifts or Bequests from Foreign Persons”.

Thanks for the info.