@Helen123 wrote:
Hi, I assume you mean US bank needs to report the transcation over 10,000 to IRS. But in person, if I transfer money to my spouse more than 10,000, I do not need to report it, right?
If my spouse is non-citizen, do I need to report my transfer to IRS? I assume I only need to report it to IRS if the total money I tansfer to my spouse is more than 167,000, right?
Banks have their own rules for reporting transactions. You can ignore those rules and let the banks do whatever they need to do.
If you hand over cash, that by itself is not reportable. However, if you withdraw that much cash, the bank may have reporting requirements. And a person crossing the border (entering or leaving the US) with more than $10,000 (US or US equivalent) of cash must declare it to Customs and Border Patrol, but no tax is owed, you must make the declaration.
The exclusion limit for gifts from a US person to a non-US citizen who is your spouse is $175,000 for 2023. Gifts over that limit must be reported and gift tax may be owed. If required, you would report the gift and pay the gift tax yourself, the bank or CBP don't do that for you.
https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...
(Personally, I would avoid traveling with large amounts of cash, if a bank transfer could be done instead.)
