Transfer from US Bank Account to Foreign Bank Account - IRS Reporting Requirements/Tax Implications

[maxkrewl]

Hi,

I (US Green Card holder) have a few questions related to my 2022 tax situation

1. I  transferred money (>$150K) to my father's foreign account in 2022. Does this require me to report when I file my 2022 taxes? If no, does the answer change if I transferred money as a gift to my father? Do I have to pay any gift tax as part of my 2022 tax filing? 
2. I have a few bank accounts in foreign country which typically had <$10K which is why I never had to file FBAR. However, in 2022, I sold a property and the associated money (>$150K) was deposited into one of my account but it was immediately used to payoff the loan associated with the property that was sold. Baring that one-off transaction which was rather temporary as I had to pay the loan to the bank, my foreign account had <$10K. Am I required to disclose the account under FBAR requirements?

Thank you

[psherman42]

You would only need to disclose anything that you personally own (i.e., have signing authority on). If you're not listed as a co-owner of your father's account, then there's no disclosure.

The property owned is another matter. If it was owned in your name, then maybe disclosure is required. The sale would generate proceeds which, then, would be disclosable.

Nowadays, that $10,000 limit seems to be $100,000, at least for simple, typical foreign bank accounts. Uncommon things like real property, business capital, stock or share ownership, and so on are another matter entirely--of course when in your name or when you have signature authority.

All very good questions!

[psherman42]

PS--Immigration and revenue are entirely different. Being a naturalized U.S. person, Permanent Resident, visitor, student, or part of any other category does not matter at all, for the purpose of, for example, filing taxes, where you are considered "A U.S. resident for tax purposes." Those two divisions, IRS and USCIS, are completely and entirely separate entities.