I was reading this page "Do I have to pay taxes on a large money transfer?"
https://www.finder.com/irs-taxes-on-large-money-transfersand I wasn't sure if it applies to me or not.
I transferred about $20,000 to S. Korea as an initial investment for a startup company (I am a US citizen). FYI this company didn't make any money last year (profit, dividend, etc.).
The above link explains the different types of cases where you have to pay taxes for a large money transfer but I couldn't find a case that applies to me.
I don't have a foreign account valued more than $10,000.
I didn't transfer my money as a gift so I didn't think I would have to fill out a Gift Tax Return (Form 709).
I didn't receive money from a person in another country.
The total value of all my foreign accounts and combined assets is not worth $50,000 or more.
And I don't own a business that sent $10,000 or more in cash payments, bank drafts, etc..
My question is do I have to fill out a form in my case?
