money transfer
#1
Just Joined
Thread Starter
Joined: Jul 2012
Posts: 8
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
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
#2
Account Closed
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: money transfer
Ian
#3
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Joined: Oct 2007
Location: Charlotte,NC
Posts: 1,717
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.
#4
Re: money transfer
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
Ian
Tax - wise, one is either liable or not, regardless of where the money is, or has been, I think.
#6
Re: money transfer
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?
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?
#7
Forum Regular
Joined: Sep 2012
Location: Wilmington, NC
Posts: 161
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
I previously used HIFX but Wells Fargo charge $15 International Transfer when they recieve the funds.
Thanks
Rob
#8
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 receive the funds. ....
I previously used HIFX but Wells Fargo charge $15 International Transfer when they receive the funds. ....
"Draft" = send me a check
"Wire" = stick me with a wire fee