Large Wire Transfer from Cambodia

[neohayabusa3]

• Is a wire transfer as a gift from my own foreign bank account to my wife’s personal US bank account of 100k reported as taxable income? What is the entire lifetime allowed from a foreign bank account?

[pk · Accepted solution]

 Assuming that your marriage is recognized in the USA,

(a)  there is no need to recognize  money transfers between spouses --  generally considered marital property ( absent any  constraining legal documents  recognized in the state  where she/you reside )

(b)    I am assuming here that  you / her have complied with FBAR and FATCA reporting requirements 

(c)   While there is no restrictions  in transferring large amounts  from foreign to US  ( see treasury  sanctions list ),  it definitely  will be flagged  by the US receiving bank   SAR   ( Suspicious Activity Report ) as a matter of   routine but usually these go nowhere -- not a tax event.

(d)  I am assuming here that  your activities generating   the income  has been subjected to US taxation  ( assuming that you are a US person ).

Is there more I can do for you ?  @neohayabusa3