Transferring Money to US Fiance before Moving

[amforever 46]

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!

[CEE53147 559]

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.

[aaron2020 11,651]

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.  You do not need to do anything with the US government.  

Edited January 10, 2019 by aaron2020

[amforever 46]

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!

[Crazy Cat 39,236]

Just now, amforever said:

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

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

[amforever 46]

Just now, missileman said:

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

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

[aaron2020 11,651]

2 minutes ago, amforever said:

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

Yes.

[Crazy Cat 39,236]

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.  

[amforever 46]

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

[Crazy Cat 39,236]

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

[aaron2020 11,651]

From the US government's point of view, they like nonresidents bringing money into the US to help our economy.  No taxes.  No reporting to anyone.  The only issue is money laundering from illegal activities. 

 

 

 

 

 

[aaron2020 11,651]

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.  

[aaron2020 11,651]

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.  

[amforever 46]

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! 

[aaron2020 11,651]

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.