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Understanding Tax Reporting Requirements for International Wire Transfers

I wired transfer $15000 to myself in the bank outside of the U.S. Do I need to report when I file my tax return? 

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1 Reply
MinhT1
Expert Alumni

Understanding Tax Reporting Requirements for International Wire Transfers

No.

 

Transferring your money to a foreign bank account is not a tax reportable event.

 

However, this may create some other obligations:

 

You'll have to file a FBAR if you have more than $10,000 in a foreign bank at any time during the year.

 

If you have over $200,000 in foreign financial assets by the end of the year — or over $300,000 in foreign assets at any point during the year ($400,000 and $600,000 if Married Filing Jointly) — you must report them on Form 8938 per FATCA.

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