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  1. #1
    Join Date
    Apr 2011
    Posts
    2

    Default Bringing Large Amounts of Money Into the U.S.

    I am a US citizen and live in the US. I want to transfer large sum of money, about $200,000 from my wife's Chinese account in China. We recently married, and this is her savings. This money is for a down payment on a new house in the US, for us to live. Currently we are in the middle of paperworks with US Citizenship & Immigration services, so she can be legally admitted into the US. Will the amount of money that she wires to my account be taxed, or how should I approach this. Any special paperworks needed to declare this with the IRS or any other US agency?

    Seems to me this is all non taxable, as it's personal incoming/savings in China for a Chinese citizen, and not my income. But rather my money through marriage.

    Any help would be appreciated toward correct paperworks/forms.

    Thanks guys.
    jeff

  2. #2
    Join Date
    Mar 2009
    Location
    LA LA Land
    Posts
    9,170

    Default Re: Bringing >$100,000 from My China into Us

    Any money -in excess of $10,000 that you bring into the U.S. will have to be declared on a customs form (see sample below).


    Any incoming wire transfers in excess of $10,000 received into a U.S. account will be automatically reported to the IRS by the receiving bank. You can look up the related Currency Transaction Report forms HERE.

    Whether any or all of the amount(s) is taxable or not will depend on a number of different factors. You should consult with your CPA/tax advisor in that regards.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Bringing Large Amounts of Money Into the U.S.

    The customs form would be relevant if you were bringing a suitcase full of cash across the border, but you're talking about a wire transfer.

    Is your wife with you in the U.S.? Is she on the account to which money would be transferred? If not, you can cover yourself by filing Form 3520, documenting the transfer as a gift between spouses (there is no tax exposure) of $100K or more; but I'm not sure that it's necessary.

  4. #4
    Join Date
    Apr 2011
    Posts
    2

    Default Re: Bringing Large Amounts of Money Into the U.S.

    Thanks for the reply guys.

    My wife is not with me in the US just yet. I am still in petition with USCIS forms, etc. And waiting for their reply. This process takes awhile, could be up to a year. So therefore my US account, does not have her name. I suppose I can open up another account with my name and her name as secondary, if that is necessary. I'm looking over the link you provided.

    Any other forms I should look at? I'm trying to learn and understand as much as possible before doing the transfer.

    -jeff

  5. #5
    Join Date
    Oct 2006
    Posts
    16,255

    Default Re: Bringing Large Amounts of Money Into the U.S.

    Quote Quoting jeffy11
    View Post
    Thanks for the reply guys.

    My wife is not with me in the US just yet. I am still in petition with USCIS forms, etc. And waiting for their reply. This process takes awhile, could be up to a year. So therefore my US account, does not have her name. I suppose I can open up another account with my name and her name as secondary, if that is necessary. I'm looking over the link you provided.

    Any other forms I should look at? I'm trying to learn and understand as much as possible before doing the transfer.

    -jeff
    Since the money is your wife's rather than yours, it would be considered to be a foreign gift. A foreign gift is not taxable, but any gift amount above 100k must be reported on IRS form 3520.

    It would really not be in your wife's best interest to send the money prior to receiving her VISA to immigrate to the US. If something goes wrong, and she does not receive the VISA, things could get very complicated.

  6. #6
    Join Date
    Mar 2011
    Location
    California
    Posts
    540

    Default Re: Bringing Large Amounts of Money Into the U.S.

    The simplest way to transfer the money might be for your wife to open a savings account in her name in the U.S.. They might need her signature, but you ought to be able to get that via fax or e-mail images. Then she could wire the money from a Chinese account to that U.S. account.

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