Hello experts,
I moved from EU to USA at the end of 2022, fully employed in the US since I arrived, on a regular payroll etc.
At the time of the move I had significant cash savings in an EU bank account, and due to high banking transfer fees decided to transfer the savings to my own US bank account in two steps: first transfer the money to my boyfriend's US bank account (at no fee because my EU and his US accounts were in the same bank [Revolut], just under different legal entities), and then he would transfer the money to my US bank account (in a different bank) a day or two later, also without any fees as this was now a regular wire transfer within the US. All the transactions were for $5.000 amounts, as I was aware that they should be kept under $10.000 to avoid money laundering triggers and such. In total I initiated 23 such transactions during the course of 2023, totalling in $115.000 transferred.
I have filed an FBAR with my 2023 taxes, which included the originating EU account from which this money was transferred.
We are now both wondering what reporting obligations we might have on either side, since this was neither a gift nor a loan, but want to avoid potential issues down the line.
There was never any business entity involved in these transactions (always from personal account to a personal account), and there was also never any interest earned on these deposits in transit either.
Unfortunately we were not aware of potential complications here beforehand, otherwise I would have gone ahead and paid the bank transfer fees to move the savings directly into my own account without any headaches.
I tried asking for advice from the tax professional (Enrolled Agent) that helped me file my 2023 taxes, but they were very casual about this and brushed it off as a non-issue saying the IRS would have contacted me already if they had detected anything suspicious. I did not find that reassuring, so reaching out to hear others' opinions.
Thank you in advance for your opinions and advice.
