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WaterLeaf

Transferring money into US bank account - taxes to pay?

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Hi all.

My Husband is getting some money that is probably at 10k or over the 10k limit that will be going to the bank account and was wondering if filing for the joint taxes will automatically take it out or not?

He is getting it via gift by family.

 

Let me know what are some possibility. Thanks.


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The IRS will be notified of the transfer, that is all. Unless it exceeds $100k from an individual, or $16k from a foreign corporation, you shouldn't need to file a 3520.

See https://www.irs.gov/businesses/gifts-from-foreign-person

Family gifts inside of US jurisdictions are only taxed above $15k and the giver is taxed, not the receiver.

 

If your husband has a foreign account exceeding $10k then don't forget to file an FBAR next year.

 

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