Tax on overseas wire transfer

[fkiter]

Hello,

I am a non US citizen and non US resident. I have some savings in a US bank account and I want to move this overseas. I want to make payments to different persons and a company. Do I need to pay any tax on such transfers? And if so is there any form I need to complete? Or is there any ways to avoid to pay tax again?

Thanks,

Olivier

[DoninGA]

 Bank to bank transfers are not reported on a federal tax return.  The funds that are transferred are not taxable income.

[jacksun210]

Hey,

I am living in US. Do you mean we do not need to report to IRS no matter how much money is transferred to a overseas bank account on whatever purpose?

[Opus 17]

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@jacksun210 wrote:

Hey,

I am living in US. Do you mean we do not need to report to IRS no matter how much money is transferred to a overseas bank account on whatever purpose?

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No.  Only that there is no income tax and no tax reporting if you transfer your own funds to yourself.  If you transfer more than $10,000, even to yourself, the bank is required to report it, although you do not report it. 

If you are a US resident alien or US citizen or permanent resident and you own a foreign bank account with more than $10,000 US in it, you must report that on an FBAR form, not a tax return. 

There are many other situation where you might transfer money to someone else, that have tax and reporting requirements.  For example, if you pay someone else to perform a service (an employee or subcontractor) you may be required to file a report and withhold income tax from that payment.  If you are a US person and make a gift of more than $15,000, you must report it even though gift tax is usually not owed.