A Question To Americans About Transfering Money To Usa From Thailand

[livinthailandos]

I just had a general question about transferring money to the USA from thailand. Basically I"m transferring money from my bank account here to my bank account in the USA. I intend on making a few purchases while in the US. I just want to know from others if there are going to be any problems with the IRS on this issue. Basically both accounts are regular accounts not saving accounts. basically the amount is going towards a down payment on a small piece of property. Normally I would have purchased something here but considering I can never actually own any property like a house or condo I feel its probably better to have something back in the US to go back to just in case something happens here.

Look forward to all your answers on this

[Huey]

The process is easy and shockingly fast. I do a TT from my Thai account and it's there in the US, no kidding the very next day. Make sure you have the US bank's SWIFT code. Now depending on the amount they may ask some questions. However and their is not much way around that. UNLESS, you are filing your taxes and qualify for the foreign earned income exclusion bracket. I think it's currently at around $92,000USD per year you can earn tax free so long as you spend more than 330days outside of the States OR you have a offshore residence.

So basically what I would do;

$10K or so, Transfer $9500 pocket the rest in cash

$30K or less Transfer $9500 Twice or Three times, pocket the rest

$40K - $90 or so, transfer it as a down payment for a home and just file your taxes with the Foreign earned income exclusion. You don't have to keep the money outside of the US, you just have to keep YOU out of the US for that year.

And check with a professional, I'm not sure if it's 330 Days in a Calender Year, 330 consecutive, or what. But either way I think you should be fine.

[Furbie]

It sounds like you will be transferring more than US $10,000. The only problem with this is the FBAR. Hopefully, you have already filed your FBAR for 2010 (it was due in June). If not, I suggest you contact someone in the US who handles these issues (tax attorney). My understanding is that you cannot file late and the penalties are harsh (50% of the maximum account value). If you are late because you did not know about it, you have to file a different form, assuming all other tax obligations are up to date (again, you will need to contact someone who handles this and seek advice).

There is currently an amnesty in place for some FBAR scofflaws – it expires this month, so get on it.

The advice above is also dangerous. Transferring in stages like that could be construed as a willful violation to avoid the FBAR. If the IRS deems your actions to avoid the FBAR as “willful” you are toast.

[livinthailandos]

For the far I actually did that already. The only thing is my wife who is Thai will be involved to but she is not a us citizen but giving me money as well not sure what to put down but I plan on talking to a us tax lawyer when I get back though

[livinthailandos]

Sorry meant to put down far not far

[taxout]

1. Banks are required to report somewhat large transactions to the same people that get the FBARs, and especially single out transactions that seem "suspicious." Basically, there's not much you can do; if the bank wants to file a suspicious activity report, they will. Since there're penalties if they should and don't -- but none if they shouldn't and do -- there's a strong bias towards over-reporting. They can't tell you when they flag a transaction as "suspicious."

http://www.ffiec.gov...ual/OLM_015.htm

Breaking down transactions like No. 2 suggests to avoid triggering "suspicion" is itself illegal.

http://www.law.corne...24----000-.html

Don't rely on his other tax advice, either.

2. You say this money is a gift from your wife. While gifts and inheritances are not taxable, if you receive gifts or inheritances from foreigners who are not subject to U.S. taxation totalling more than US$10,000 in a year, then you have to make a timely report on IRS Form 3520. And yes, the usual harsh penalties apply if you don't do this. If there's a problem, see a tax advisor immediately: there's something of an amnesty, but it expires very shortly, on August 31, though you may be able to apply for an extension.

http://www.irs.gov/n...=234900,00.html

The need to file Form 3520 when you receive gifts or inheritances from foreigners not subject to U.S. taxation is a topic we haven't really discussed here much, but it does exist.

[livinthailandos]

Well as far as FBAR goes I had already filed that earlier back in may to report to the US. As far as money from the misses that was just recent as of this month.

But basically what everyone is saying most likely when I get to the US I'm going to have to talk to a tax lawyer anyway. I can understand how the US wants to make sure i'm not doing anything illegal, but jeez didn't realize i'd have to jump through hoops just because I want to buy a small piece of property. and then deal with all kind of tax penalties if I don't file through. Either way I get the feeling i'm going having to pay the IRS some kind of taxes anyway. Not sure how much maybe thousands of dollars who knows.

[taxout]

That should be US$100,000 not US$10,000 as the threshold for filing Form 3520, though it could be less in certain cases. Have to watch the zeros. There are also some complicated rules about when you aggregate to compute the threshold.

www.irs.gov/pub/irs-pdf/i3520.pdf (see part IV)