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davey4283 posted: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 work abroad and transfer large sums back to the US on occasion. As other people have said, don't worry about the amounts unless you are doing something illegal. If you are earning the money legally and are filing the proper tax forms (actually not as important as like you won't owe any taxes anyways, hence shouldn't have any fines for not-reporting - though you are still technically required to) then there is absolutely nothing for you to worry about. Your bank will have to send in some extra paperwork, but you shouldn't even notice. Lots of people do this every year, nothing will happen unless you randomly get audited or whatever automatic system they use flags you for some reason. At any rate, as the person above said, even if you do get audited, it's simple to show you earned the money legally, so there's no problem. You should be more concerned with trying to save a few bucks during the actual transfer by checking out various banks/services than the amount you transfer. A much bigger issue to to make sure you are filing your local bank information with the US (FBAR) every year. GTGastby fucked around with this message at 08:02 on Feb 23, 2015 |
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Feb 23, 2015 07:32
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