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cameritan
New Member

I will be transferring money from my French bank account to the USA (over 10k). Do I need to report it as foreign asset? Or something else?

I understand I do not have to pay taxes on it, but I assume I have to report this transfer, correct?
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DoninGA
Level 15

I will be transferring money from my French bank account to the USA (over 10k). Do I need to report it as foreign asset? Or something else?

Fund transfers from one of your personal foreign accounts to another personal US account are not reported by you to the IRS and are not reported on your federal tax return.

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4 Replies
DoninGA
Level 15

I will be transferring money from my French bank account to the USA (over 10k). Do I need to report it as foreign asset? Or something else?

Fund transfers from one of your personal foreign accounts to another personal US account are not reported by you to the IRS and are not reported on your federal tax return.

re2boys
Level 9

I will be transferring money from my French bank account to the USA (over 10k). Do I need to report it as foreign asset? Or something else?

However, hopefully you have been reporting the existence of this account annually by filing FinCen 114.
<a rel="nofollow" target="_blank" href="https://www.fincen.gov/report-foreign-bank-and-financial-accounts">https://www.fincen.gov/report-for...>
cameritan
New Member

I will be transferring money from my French bank account to the USA (over 10k). Do I need to report it as foreign asset? Or something else?

I just received this money from an inheritance. Should I report it while it is sitting in France until I transfer it?
re2boys
Level 9

I will be transferring money from my French bank account to the USA (over 10k). Do I need to report it as foreign asset? Or something else?

I believe it would be reportable on a  2017 FinCen 114 due April 15, 2018 if at any time in 2017 the account value exceeded $10,000.  Any interest or dividends earned while in your name would be reported on your 2017 personal income tax return, even if you do not receive a tax document.
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