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money transfer

Old Apr 24th 2013, 10:37 pm
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Default money transfer

Hello
I'm still in the process of applying to join my wife of 8 years in Tx(she is a a us citizen) and want to transfer some funds over from my account to hers as a deposit for a house. I believe there is a limit on how much I can transfer without attracting tax liability - the money is in my UK account but belongs to both of us. The IRS tax code is a tad impenetrable but I recall a limit of around$14000 - am I misguided? Grateful for any advice as this is clearly a fairly low figure
Thanks
KT
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Old Apr 24th 2013, 11:03 pm
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Default Re: money transfer

Originally Posted by kej55 View Post
I believe there is a limit on how much I can transfer without attracting tax liability...
You might have heard $10,000 being bandied about... but that has nothing to do with tax liability... that is the amount at which the transfer must be disclosed to the US Department of the Treasury. The USDT is not the IRS. It is a reporting requirement only. If you transfer money directly to your wife's bank account, the bank will handle the reporting requirement on your behalf if the amount is over $10K.

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Old Apr 25th 2013, 12:32 am
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Default Re: money transfer

I think the $14k threshold you are talking about is how much a US based person may gift - the annual gift exclusion tax. It increased from $13K to $14k this year. Moving money between your own accounts is not subject to tax but as Ian said anything over $10k is reported automatically by your bank to the Treasury. Always good to add a note in the notes section on the wire transfer and notify your bank that the funds are arriving.
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Old Apr 25th 2013, 12:39 am
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Default Re: money transfer

Originally Posted by ian-mstm View Post
You might have heard $10,000 being bandied about... but that has nothing to do with tax liability... that is the amount at which the transfer must be disclosed to the US Department of the Treasury. The USDT is not the IRS. It is a reporting requirement only. If you transfer money directly to your wife's bank account, the bank will handle the reporting requirement on your behalf if the amount is over $10K.

Ian
In fact, the reporting requirement is solely upon the bank, not the customer.

Tax - wise, one is either liable or not, regardless of where the money is, or has been, I think.
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Old Apr 25th 2013, 5:58 am
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Default Re: money transfer

many, many thanks!!
KT
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Old Apr 25th 2013, 11:28 am
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Default Re: money transfer

Originally Posted by kej55 View Post
many, many thanks!!
KT
BTW. Do NOT try to game the system by sending multiple sub $10k transfers, it can only cause problems for you.

Although you didn't ask, can we assume you're using xe.com, xoom.com, or some other on-line transfer service for lower fees and a better exchange rate?
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Old Apr 29th 2013, 8:44 pm
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Default Re: money transfer

Please could you tell me the best method of sending funds to my USC wife from the UK? She is with Wells Fargo and I have setup an account with XE.com but there are 3 options (Wire, EFT or Draft).

I previously used HIFX but Wells Fargo charge $15 International Transfer when they recieve the funds.

Thanks
Rob
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Old Apr 29th 2013, 9:31 pm
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Default Re: money transfer

Originally Posted by robUK81 View Post
Please could you tell me the best method of sending funds to my USC wife from the UK? She is with Wells Fargo and I have setup an account with XE.com but there are 3 options (Wire, EFT or Draft).

I previously used HIFX but Wells Fargo charge $15 International Transfer when they receive the funds. ....
EFT
"Draft" = send me a check
"Wire" = stick me with a wire fee
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Old Apr 29th 2013, 9:33 pm
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Default Re: money transfer

Originally Posted by Pulaski View Post
EFT
Thank you
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