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DolnaM

Handling money from sold house when moving to US

By DolnaM in Tax & Finances During US Immigration

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DolnaM Rookie

DolnaM   0

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Filed: Citizen (apr) Country: Hungary
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My parents will be moving to the US in a few months. They will be selling their house and will want to bring the money as supplementing living expense to the US incase of emergencies. They fully own the house so no tax deductions in their home country after selling. We expect the amount they would bring will be around 30K-40K.

Questions:

1. How best to transfer this money to the US since they will not have a bank account here yet? - Is it better to put it on a foreign bank card then withdraw it when they arrive transfer to a final/new account? Or is it better to wire it to our account?

2. Does this constitute as taxable income in the US? Does it, even if it is deposited into an account I own?

 

Any advice is appreciated.

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Crazy Cat Grand Master

Crazy Cat   41,836

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Filed: Citizen (apr) Country: Taiwan
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1.  I would have them transfer to your account via bank wire before leaving.  Then you can transfer back to them after they open an account here in the US.  I certainly would not carry cash.

2.  Based on what you have said, this is NOT taxable income for them or for you. 

Edited by Lucky Cat

"The US immigration process requires a great deal of knowledge, planning, time, patience, and a significant amount of money.  It is quite a journey!"

- Some old child of the 50's & 60's on his laptop 

 

Senior Master Sergeant, US Air Force- Retired (after 20+ years)- Missile Systems Maintenance & Titan 2 ICBM Launch Crew Duty (200+ Alert tours)

Registered Nurse- Retired- I practiced in the areas of Labor & Delivery, Home Health, Adolescent Psych, & Adult Psych.

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______________________________________

In summary, it took 13 months for approval of the CR-1.  It took 44 months for approval of the I-751.  It took 4 months for approval of the N-400.   It took 172 days from N-400 application to Oath Ceremony.   It took 6 weeks for Passport, then 7 additional weeks for return of wife's Naturalization Certificate.. 
 

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Crazy Cat Grand Master

Crazy Cat   41,836

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Filed: Citizen (apr) Country: Taiwan
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Posted

***I moved this topic to Taxes and Finance during US Immigration*****

"The US immigration process requires a great deal of knowledge, planning, time, patience, and a significant amount of money.  It is quite a journey!"

- Some old child of the 50's & 60's on his laptop 

 

Senior Master Sergeant, US Air Force- Retired (after 20+ years)- Missile Systems Maintenance & Titan 2 ICBM Launch Crew Duty (200+ Alert tours)

Registered Nurse- Retired- I practiced in the areas of Labor & Delivery, Home Health, Adolescent Psych, & Adult Psych.

IT Professional- Retired- Web Site Design, Hardware Maintenance, Compound Pharmacy Software Trainer, On-site go live support, Database Manager, App Designer.

______________________________________

In summary, it took 13 months for approval of the CR-1.  It took 44 months for approval of the I-751.  It took 4 months for approval of the N-400.   It took 172 days from N-400 application to Oath Ceremony.   It took 6 weeks for Passport, then 7 additional weeks for return of wife's Naturalization Certificate.. 
 

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