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I'm a US citizen who recently took a job overseas. I work for a foreign company, live in an Arabic country and make close to 100k non-taxed. I've got a bunch of questions about recieving international wire transfers. A lot of this is needing clarification with all the hear say guys at work have told me. I've come to the conclusion that they really have no idea what the rules are let alone why they're in place. How much can/should I send back home at one time? I heard that my receiving stateside bank has to report anything over 10k to the irs and homeland security. What's that all about? I heard theres a monthly cap as well that will get you flagged too. I've searched for this on Google and haven't come up with anything too great so hopefully you guys have some good resources for me. Thanks.
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Feb 18, 2015 22:01
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| # ¿ May 11, 2024 05:29 |
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Elephanthead posted:If you are a US citizen the money is subject to US taxes is it not? If you are asking how to transfer it without reporting it as income you can kindly f off. If you try to avoid reporting it you could get throw in jail and the IRS can take all of the money. Edit, nevermind it looks like you get 99,200 for free. Just wire it and let the bank report it. Did you file your 1040? 1) Kindly f off 2) Grammatical errors 3) Has probably never transfered large sums of money internationally Thanks for the advice/tips!
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Feb 21, 2015 11:21
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Kreeblah posted:It's intended to help prevent money laundering, and it's not just limited to transfers from international banks. It's required for intra-US transfers as well. As for a monthly cap, you might have heard people talking about structuring. That's actually pretty crazy. I know people at work that do that but had no idea there was an industry term for it. I'll probably just call a financial advisor. I was hoping someone in here had run into this before.
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Feb 21, 2015 11:37
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Wickerman posted:E: PLEASE DO NOT USE BITCOINS FOR THE LOVE OF GOD It's funny because some of the guys I work with do actually use bitcoin.
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Feb 22, 2015 21:55
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