Jump to content
amforever

Transferring Money to US Fiance before Moving

27 posts in this topic

Recommended Posts

My fiance received a gift of savings from his grandad to bring with him to the US. It's over $10k. I'm curious if it is okay to send this amount over? Our plan is to have him wire it from his bank to my bank a few weeks before he leaves, then he will close his account before he leaves. Is there going to be an issue later on with taxes or IRS or Brittish government? It's hard to find any information online regarding this. We are going to have the account joint once he arrives and he is coming on a k1 visa if that helps. Thank you!

Share this post


Link to post
Share on other sites

It is a good idea for him to put this into an account in his name rather than commingle it with your gift account.  IMO, it is in the best interest of both to have partner 1, partner 2, and ours accounts - in separate banks.  Banks do close and joint accounts can be locked on the death of one owner.

Share this post


Link to post
Share on other sites
1 minute ago, aaron2020 said:

Not a problem from the US side.  He can wire the money to you.  No US taxes are due.  Transfer does not need to be reported.  Does not need to do anything with the US government.  

Have you done this yourself? Just curious, thank you!

Share this post


Link to post
Share on other sites
Just now, amforever said:

Have you done this yourself? Just curious, thank you!

We have....  There were no tax issues at all.


"Experience can be a tough teacher to those who fail to heed good advice"- Missileman, 12/6/18

 

First career- 20 year Retired E-8, USAF Missileer,

Second career-Retired Registered Nurse, experience in Labor& Delivery, Home Health, Adolescent & Adult Psych

Third career-Retired IT Developer & Database Administrator for surgical services dept.

 

Immigration Journey:

  • Texas Service Center after transfer from Nebraska
  • Consulate :Taipei, Taiwan
  • Marriage: 7/30/2015
  • I-130 NOA1 : 4/27/2016
  • I-130 Approved :9/8/2016
  • Case received at NVC: 10/11/2016                               
  • Case # and IIN#: 10/24/2016
  • AOS Fee Invoiced:10/24/2016  
  • AOS Fee Paid:10/25/2016
  • IV Fee Invoiced:10/24/2016  
  • IV Fee Paid:10/25/2016
  • DS-260 Completed: 10/28/16
  • Scan Date:11/9/2016
  • Supervisor review: 12/21/16 
  • Checklist: 1/13/17 
  • Case Complete: 4/10/17
  • Interview Date: 5/8/17 
  • Visa  "ISSUED": 5/10/17
  • Visa and Passport in hand/Flight to USA Booked!!!: 5/12/17  
  • POE Dallas DFW on June 22, 2017
  • SS Card received : 7/3/2017
  • 2-year Green Card received in mail: 7/15/17
 

Share this post


Link to post
Share on other sites
Just now, amforever said:

Great, did you do it the same way? Sending it to your fiances account then joining it once you got here?

Not exactly, but similar circumstances.  


"Experience can be a tough teacher to those who fail to heed good advice"- Missileman, 12/6/18

 

First career- 20 year Retired E-8, USAF Missileer,

Second career-Retired Registered Nurse, experience in Labor& Delivery, Home Health, Adolescent & Adult Psych

Third career-Retired IT Developer & Database Administrator for surgical services dept.

 

Immigration Journey:

  • Texas Service Center after transfer from Nebraska
  • Consulate :Taipei, Taiwan
  • Marriage: 7/30/2015
  • I-130 NOA1 : 4/27/2016
  • I-130 Approved :9/8/2016
  • Case received at NVC: 10/11/2016                               
  • Case # and IIN#: 10/24/2016
  • AOS Fee Invoiced:10/24/2016  
  • AOS Fee Paid:10/25/2016
  • IV Fee Invoiced:10/24/2016  
  • IV Fee Paid:10/25/2016
  • DS-260 Completed: 10/28/16
  • Scan Date:11/9/2016
  • Supervisor review: 12/21/16 
  • Checklist: 1/13/17 
  • Case Complete: 4/10/17
  • Interview Date: 5/8/17 
  • Visa  "ISSUED": 5/10/17
  • Visa and Passport in hand/Flight to USA Booked!!!: 5/12/17  
  • POE Dallas DFW on June 22, 2017
  • SS Card received : 7/3/2017
  • 2-year Green Card received in mail: 7/15/17
 

Share this post


Link to post
Share on other sites
Just now, missileman said:

Not exactly, but similar circumstances.  

I just want to make sure its okay to have it sent to my account before his name is on it, otherwise we can have his grandad send it to the account once he is here and added to it so there isn't any question about whose money it is or if it's counted as my income at the end of the year. Sorry for all the questions just don't want to mess this up :)

Share this post


Link to post
Share on other sites

Even if the transfer was considered a gift to you, $10,000 is below any taxable limit......


"Experience can be a tough teacher to those who fail to heed good advice"- Missileman, 12/6/18

 

First career- 20 year Retired E-8, USAF Missileer,

Second career-Retired Registered Nurse, experience in Labor& Delivery, Home Health, Adolescent & Adult Psych

Third career-Retired IT Developer & Database Administrator for surgical services dept.

 

Immigration Journey:

  • Texas Service Center after transfer from Nebraska
  • Consulate :Taipei, Taiwan
  • Marriage: 7/30/2015
  • I-130 NOA1 : 4/27/2016
  • I-130 Approved :9/8/2016
  • Case received at NVC: 10/11/2016                               
  • Case # and IIN#: 10/24/2016
  • AOS Fee Invoiced:10/24/2016  
  • AOS Fee Paid:10/25/2016
  • IV Fee Invoiced:10/24/2016  
  • IV Fee Paid:10/25/2016
  • DS-260 Completed: 10/28/16
  • Scan Date:11/9/2016
  • Supervisor review: 12/21/16 
  • Checklist: 1/13/17 
  • Case Complete: 4/10/17
  • Interview Date: 5/8/17 
  • Visa  "ISSUED": 5/10/17
  • Visa and Passport in hand/Flight to USA Booked!!!: 5/12/17  
  • POE Dallas DFW on June 22, 2017
  • SS Card received : 7/3/2017
  • 2-year Green Card received in mail: 7/15/17
 

Share this post


Link to post
Share on other sites

This is not a gift.

 

He is transferring the money to himself.  You are simply the trustee of the money.  That's why he's sending it to you; to hold for him.  Once you create a joint account, then he's could be considered to have made a gift to you.  Not a problem for a married couple.  

Share this post


Link to post
Share on other sites
3 minutes ago, amforever said:

I just want to make sure its okay to have it sent to my account before his name is on it, otherwise we can have his grandad send it to the account once he is here and added to it so there isn't any question about whose money it is or if it's counted as my income at the end of the year. Sorry for all the questions just don't want to mess this up :)

It's not income to you.  He is sending the money to your account to hold for him.  You are simply a trustee of his money.  

It's wise of you to be concern about this and do your homework.  Fortunately, it's not a problem at all.  

Share this post


Link to post
Share on other sites
3 minutes ago, missileman said:

Even if the transfer was considered a gift to you, $10,000 is below any taxable limit......

Well it's more than that. I just didn't want to say the amount just that it is more than that.

1 minute ago, aaron2020 said:

It's not income to you.  He is sending the money to your account to hold for him.  You are simply a trustee of his money.  

It's wise of you to be concern about this and do your homework.  Fortunately, it's not a problem at all.  

Okay great! Thank you for your response! 

Share this post


Link to post
Share on other sites
Just now, amforever said:

Well it's more than that. I just didn't want to say the amount just that it is more than that.

Still doesn't matter. 

 

If you are super scared, then wait for him to create a US account once he gets here and have granddad make the gift to him then.

 

Share this post


Link to post
Share on other sites
 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×