Does a green card holder pay tax on wire transfer

Hi,

I am a permanent resident (green card) and have money in an account in my home country. Do I need to pay tax on wire transfer up to $100,000? Is there a limit per transfer or per the tax year (i.e., can i wire over $100,000 by multiple wire transfers during one tax year)?

In addition, my mother name also shows on the account (in my home country), do i consider the money as a gift although it is actually my money?

Thanks

1. You pay taxes on income component. You can move $1,000,000 ++ of your own money on shore.

2. There are one or more sets of reporting requirement for money transfers from abroad--beyond me--but failure to report larger transfers can get you hefty fines!  If it smells like money launder you are in for problems.

   2.1 There is a requirement that you report foreign accounts to IRS even if you don't move funds about.

3. Probably rules and/or  treaties that say you must have paid propwer taxes on monies at home

4. For large sums--wait if taxagent replies and follow his suggestions to a T.

sean_rochester:

I am a permanent resident (green card) and have money in an account in my home country. Do I need to pay tax on wire transfer up to $100,000?

The U.S. does not impose either a tax on wire transfers or on bringing money into the U.S. If the money in the account is from income you received while a resident of the U.S. for tax purposes or was U.S. source income while you were a non-resident, then you should have reported that income on your U.S. income tax return in the year that you received it.

sean_rochester:

Is there a limit per transfer or per the tax year (i.e., can i wire over $100,000 by multiple wire transfers during one tax year)?

No.

sean_rochester:

In addition, my mother name also shows on the account (in my home country), do i consider the money as a gift although it is actually my money?

Since you wrote her name is ALSO on the account, I am going to assume your name is on the account; i.e. it is a joint bank account. You are required to report on your federal income tax returns any interest you have in foreign bank accounts exceeding $10,000, including beneficial interests. So, whether or not your name was on the account, if it's really your money in that account, you should have disclosed that on your return using Schedule B. This is merely a reporting requirement—as I said above you only pay income tax on the money in the year the income is received. However, failure to report the account can subject you to penalties. In any event, if the funds in the account are your funds, then wiring them to your U.S. bank account is not a gift. This is important because if you receive gifts totaling $100,000 or more from a foreign person in any year, you must report that the IRS. There is no tax to you on receiving any gift, but again there are penalties for failure to report the foreign gifts. If your name is also on that account, you've reported that account as required, and wire it directly from the foreign account to a U.S. bank account in your name, there will be no income tax (or any other federal tax) to worry about for the transfer itself and no additional information reporting requirements.