Transferring money

Forum|Forum|3 years ago
November 16, 2022
2 replies
24 views

Hello, I am a german citizen. I live in Germany. I have a journalist visa for the us. I have a non-resident status.

I have a us bank account and I would like to transfer 50.000 $ from my american bankaccount to my own bank account in germany. Do I need to file a form to the irs, and of so which one?

Not A Product Question

Best answer by DoninGA

When transferring funds from one personal account in the US to another personal account outside the US there is nothing that you need to report to the IRS.

Opus 17

Level 15

No. Transferring your own money between bank accounts you own is not a taxable event. The banks may have some reporting requirements for large transfers, but you don't have to do anything special.

apolloniaAuthor

Level 2

Thank you so much for your prompt reply. That is good to know. But how will/would the IRS see, if it is reported from the bank (over 10.000) that it is just tranferred to my own account overseas. Will the bank "show" the IRS the recipients name which is then mine?

DoninGA

Level 15

@apollonia Go to this IRS website for information for the bank's reporting requirements - https://www.irs.gov/newsroom/understand-how-to-report-large-cash-transactions

DoninGA

Answer

Level 15

When transferring funds from one personal account in the US to another personal account outside the US there is nothing that you need to report to the IRS.