@pk Thank you for your quick response.
I understand that I need to file treasury form 114 ( online a BSA e-file or FinCen.gov ) if I have more than $10,000 on any given day of the calendar year. I have only one foreign account and the balance has never been more than $10,000. So, I think I don't have to report it.
If you could, please let me know on my specific case:
I prefer to transfer $25,000 to the car dealer directly in a single transaction and not through my foreign account. Car will be in the name of my brother or other family member.
- Is this a cause of concern in any way?
- Does this fall under gift tax? Does it matter if it goes to my family or a business (car dealer)?
- Which forms do I need to file?
- I looked up what SAR is. If SAR is raised by my bank, does that mean the transfer will be delayed? If it will delay the transfer, how long can it be delayed for? I want to finish the transaction this week.
- Additional info: I can pay with my savings, but I plan to take a loan here and use those funds to transfer.
Thanks again!
