Large Wire Transfer from Cambodia

neohayabusa3 — Sun, 29 Dec 2024 12:04:53 GMT

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?

Re: Large Wire Transfer from Cambodia

pk — Sun, 29 Dec 2024 23:40:30 GMT

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

topic Large Wire Transfer from Cambodia in Retirement tax questions

Large Wire Transfer from Cambodia

Re: Large Wire Transfer from Cambodia