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  • Money Transfer

    I'm a law-abiding permanent resident and I like always to do the right thing. My dad passed away a year ago and left me some inheritance. Would it be a problem for me to bring the money over here? I'm planning on doing that through a reputable bank following all legal procedures, since I have nothing to hide or be worried about. Will this money be taxed and should it be reported?
    Do you see any problem if I plan to use this money to buy a house? America is the leader of the capitalist world, why there should be a problem? I once heard if you bring over $250,000 and you deposit it in a Canadian bank they will offer you permanent residency, since you will be helping the economy.
    What are your thoughts and what are the cons and pros?
    Thank you so much in advance.
    Jan

  • #2
    I'm a law-abiding permanent resident and I like always to do the right thing. My dad passed away a year ago and left me some inheritance. Would it be a problem for me to bring the money over here? I'm planning on doing that through a reputable bank following all legal procedures, since I have nothing to hide or be worried about. Will this money be taxed and should it be reported?
    Do you see any problem if I plan to use this money to buy a house? America is the leader of the capitalist world, why there should be a problem? I once heard if you bring over $250,000 and you deposit it in a Canadian bank they will offer you permanent residency, since you will be helping the economy.
    What are your thoughts and what are the cons and pros?
    Thank you so much in advance.
    Jan

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    • #3
      <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by bouree:
      I'm a law-abiding permanent resident and I like always to do the right thing. My dad passed away a year ago and left me some inheritance. Would it be a problem for me to bring the money over here? I'm planning on doing that through a reputable bank following all legal procedures, since I have nothing to hide or be worried about. Will this money be taxed and should it be reported?
      Do you see any problem if I plan to use this money to buy a house? America is the leader of the capitalist world, why there should be a problem? I once heard if you bring over $250,000 and you deposit it in a Canadian bank they will offer you permanent residency, since you will be helping the economy.
      What are your thoughts and what are the cons and pros?
      Thank you so much in advance.
      Jan </div></BLOCKQUOTE>
      Depending on how much you inherited will depend on whether it will be reported. If the account transfer is more than $10000, FINCEN 104 will be filed by the bank. It is a information form only showing the reasons for the money transfer. Furthermore, it the amount is over $100k, then form 3520 will need to be filed when you complete your tax return along with FINCEN 104 form. Form 3520 is also an information form. And depending on where the inherited money is coming from would determine if any other forms may be required.

      As for taxation, inherited property, incluing money, is not taxable on the US unless it creates a taxable event. If some, most, or all he money you receive is taxed as well as taxed in the home country, you might be able to claim a foreign tax credit, if it was income tax imposed.
      "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

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      • #4
        <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by davdah:
        Hudson, you mentioned if its over 100k a form 3250 needs to be filed. Would that be required for property purchases when its wired within the country? </div></BLOCKQUOTE>
        No. The $100k is coming from a nonresident alien or a foreign estate. Form 3520 also includes certain aspects where a US person is handling aa foreign trust transaction or reporting requirement. A foreign estate is an estate outside the jurisdiction of the US and its territories.

        A money transfer while purchasing a property inside the US may be required on Form 8300 or CENFIN 104, but there are exceptions. The situation, as you described, will only apply within a specific set of facts and cricumstances.
        "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

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