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?
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.
@apollonia No, you do NOT file a Form 8300. You are only transferring your own funds from one bank account to another bank account. That is the bank's responsibility and you are not involved at all.
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.
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.
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?
@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
Hmm, this link is confusing?! So I DO have to file form 8300? or is it "only related to persons who receive money over 10.000? I quote: "Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300. "
Thank you for clarifying
@apollonia No, you do NOT file a Form 8300. You are only transferring your own funds from one bank account to another bank account. That is the bank's responsibility and you are not involved at all.