Any rules/laws regarding sending money back home?

[JasonPII 30]

Is there anything that we need to know in terms of sending money back to our home countries? Anything that could hinder our immigration journeys?

 

Thanks guys.

[Cyberfx1024 7,978]

12 minutes ago, JasonPII said:

Is there anything that we need to know in terms of sending money back to our home countries? Anything that could hinder our immigration journeys?

 

Thanks guys.

You can send money home without problems 

[QueenOfBlades 224]

Just make sure you research the relevant tax forms and track the amount before filing your returns. If it’s over a certain amount, you need to report it to the IRS on Form 709. Think it’s around the $15,000 mark but you’d need to check the exact dollar amount and check each year. You don’t have to actually pay taxes on it though unless your gift eventually exceeds the lifetime limit (which is in the millions - anything you go over the threshold with is deducted from your lifetime limit).

[JasonPII 30]

7 minutes ago, QueenOfBlades said:

Just make sure you research the relevant tax forms and track the amount before filing your returns. If it’s over a certain amount, you need to report it to the IRS on Form 709. Think it’s around the $15,000 mark but you’d need to check the exact dollar amount and check each year. You don’t have to actually pay taxes on it though unless your gift eventually exceeds the lifetime limit (which is in the millions - anything you go over the threshold with is deducted from your lifetime limit).

Thankk you for the info. Yeah the wife and I are only thinking of something like $4k

[Tesco 54]

Transferwise is really inexpensive and easy to use.