Good morning.
I have migrated here in the USA back in 2015 and now a naturalized citizen. I left a property in the Philippines that has been unattended so I decided to sell. This is only roughly 23K. I have already wired 10k to my US account but now hesitant to wire the rest with all the articles that I have read about getting reported to IRS.
- Is it safe and legal to wire the rest of my money within the same month? Maximum wire allowed by my bank is 10K so this will be two more transactions. Will this be flagged?
- Do I need to report any of this and do I have to pay taxes here in the US? I already paid capital gains tax in the Philippines.
My bank in the Philippines (under my name) had me fill up a form stating the purpose of the remittance and what is the source. I have stated that it's for paying bills here and was sourced from the sale of a property.
Any suggestions and clarifications please? Thank you.
