Tax implication of Transferring my Money to US

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  • 1 Post By Bevdeforges

Tax implication of Transferring my Money to US


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Old 13th March 2017, 12:54 PM
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Default Tax implication of Transferring my Money to US

Hi everybody,

It's my first post here. I searched some posts but could not exactly find what I need.

I will be moving to US with an L-1 visa next month and planning to SWIFT transfer my money to my future US account. (don't have it yet)

I have noticed that every transfer you make as a gift to your family above 14kUSD is subject to taxes.

Is it also the case when you transfer your own money abroad to your own account in US?

If yes, any alternative suggestions?

Thanks a lot..

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Old 13th March 2017, 01:25 PM
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No, there is a difference between making a gift to someone and making a transfer of your own assets to yourself.

On any transfer greater than $10,000 you (or rather the bank) will have to declare the transfer, including the source of the funds and the purpose of the transfer. If you're moving to the US and the funds are going from one account in your name to another account in your name, it's just a simple transfer - no gift involved.
Cheers,
Bev
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Old 14th March 2017, 12:34 PM
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Many thanks

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