Transferring $ from UK to US, tax implications?

[MelandDavid 0]

My fiance is planning to wire transfer the proceeds from the sale of property in the UK to my account here in the US in the next few days. Will we have to pay taxes on this money? I have read that the government automatically "flags" transfers over $10K. He and I are going to my bank tomorrow to see if I can make my account a joint account but I am not sure if he can do so yet having only made K1 POE 4 days ago. Any advise? We do need the money to pay for the wedding so we would like to just do one trasfer and be done with it.

[lostinblue 1,989]

If his parents could gift the money to your fiance after he is here in the USA there would be no tax. Talk to a CPA for further details. http://www.bankrate.com/brm/itax/tax_adviser/20070502_foreign_gift_a1.asp

he could bring that amount into this country when he comes as long as he declares it. You are not married yet so I would be talking to a cpa about this.

Edited September 6, 2011 by lostinblue

[lostinblue 1,989]

If his parents could gift the money to your fiance after he is here in the USA there would be no tax. Talk to a CPA for further details. http://www.bankrate.com/brm/itax/tax_adviser/20070502_foreign_gift_a1.asp

he could bring that amount into this country when he comes as long as he declares it. You are not married yet so I would be talking to a cpa about this.

http://www.bankrate.com/brm/itax/tax_adviser/20060823a1.asp

[Brother Hesekiel 2,236]

No.

[Nich-Nick 3,354]

My fiance is planning to wire transfer the proceeds from the sale of property in the UK to my account here in the US in the next few days. Will we have to pay taxes on this money? I have read that the government automatically "flags" transfers over $10K. He and I are going to my bank tomorrow to see if I can make my account a joint account but I am not sure if he can do so yet having only made K1 POE 4 days ago. Any advise? We do need the money to pay for the wedding so we would like to just do one trasfer and be done with it.

You will not have to pay taxes. It's his money, no need to be a gift. He can bring/transfer anything he wants (as long as his government doesn't have restrictions on what he can take out of his country). The US govt just wants to know about it...it's to prevent money laundering, funding terrorists kind of paper trail of anything over $10K. No worries on taxes. Reporting is for information only and the receiving bank normally would do the reporting as required by the Banking Act of xyz (I forgot). If your bank won't add him to your account, try a different bank. Go in and don't try to do online. Some get it done easily and some banks are weird about it. If he would go get his social security number in about a week, the banks would be happier about having that. I was able to add my husband shortly after arrival and before SSN, but banks vary in their policy.

[Jojo92122 1,924]

The US government will not tax this money. Generally, it is a bad idea to tax money coming into a country. The money coming in is put to use buying goods and services that support the local economy. Taxing it would discourage people from bringing money into the country. The US would love for you to bring in your money so you can spend it on your wedding and provide a boost to the economy.

US banks are required to report all transactions over $10,000. Most transaction are innocent. The government wants the information to track criminals and terrorists.

[MelandDavid 0]

Thank you all for the input!! We opened a joint money market account today without any issues just using his A# and a few other items that we did have. So the money transfer will go into that account. Good luck to everyone!!