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Money transfer

Hello, I am living between two countries. I pay  and file my taxes in the states but my husband does not because I asked my accountant and he said since he is retired and doesn’t have an income overseas and isn’t a us citizen he does not have to pay. He used to file when we lived in the us and he had a green card or a permanent residency card which has now expired. We have been collecting money overseas mostly from my account in the states and from other things. He has an apartment that he wants to sell and send the money to me in the states to buy an apartment. 
I personally don’t have anything in the states  and go stay with my sisters  and I am on state health care. I could never afford care there with some of my health problems. 
if he sends money to our joint account in the states, would that cause any problems for us?

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3 Replies
DaveF1006
Employee Tax Expert

Money transfer

Yes, if the deposit was for more than $100,000, this needs be reported on form 3520 in part 1V Box 54. Even though you bank account is in both of you name's, the intent is for you to purchase an apartment.  This is essentially a gift to you in order to purchase the apt. that was gifted to you by a non-resident alien.

 

This is not a taxable document but an informational one that is used to track foreign money being deposited into US accounts. Once the form is filled out and signed, send to:

 

Internal Revenue Service Center
P.O. Box 409101
Ogden, UT 84409

 

Form 3520

 

Instructions for 3520

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Money transfer

Thank you Dave for your prompt response. 
taxation is so confusing for me and financing things as well. 
I travel back and forth between to the two countries because I try to help take care of my mother-in-law therefore not quite being able to hold down a job here or there. Someone just suggests that they want to buy my husbands apartment and I don’t know if it will cause me a problem or penalty there. Please excuse my confusion. 
Thank you Dave. 

DaveF1006
Employee Tax Expert

Money transfer

No. I can't comment on how the other country will react to the sale according to its laws and regulations. Foreign countries differ in their handling of financial transactions. I can only comment and advise on how to handle the transaction in this country.

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