2 years, 9 months ago
What's the max amount of money I can transfer out of a US bank account and into a UK bank account without the Feds or IRS getting interested
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M$1 Answer
This is a very complex question.
There are MANY laws regarding transferring of funds
See
http://www.irs.gov/compliance/enforcement/article/0,,id=130621,00.html
Basically you are allowed to transfer to and own foreign accounts ( and credit cards) but you are required to report that ownership on your US income tax return and pay income taxes on the earnings.
Most of the laws are intended to prevent money laundering but that doesn't mean an innocent citizen can't get caught in the net. And remember, regardless of what the Constitution says, in this instance you are guilty until proven innocent.
There is no limit to how much you can transfer but anything over 10,000 may trigger a report.
Doing four transfers for $5000 each is not a solution. Transferring smaller amounts in multiple transactions to avoid a reporting limit is specifically defined as money laundering, even if you are sending it to your poor sick grandmother for her breathing machine.
Also see:
http://www.irs.gov/compliance/enforcement/article/0,,id=112999,00.html
http://www.irs.gov/compliance/enforcement/article/0,,id=187285,00.htmlIRS
Now, if I have frightened you enough to be careful, see this link
http://www.irs.gov/compliance/enforcement/article/0,,id=113002,00.html
in 2008, only 1,940 investigations were carried out. in the entire USA.
There are MANY laws regarding transferring of funds
See
http://www.irs.gov/compliance/enforcement/article/0,,id=130621,00.html
Basically you are allowed to transfer to and own foreign accounts ( and credit cards) but you are required to report that ownership on your US income tax return and pay income taxes on the earnings.
Most of the laws are intended to prevent money laundering but that doesn't mean an innocent citizen can't get caught in the net. And remember, regardless of what the Constitution says, in this instance you are guilty until proven innocent.
There is no limit to how much you can transfer but anything over 10,000 may trigger a report.
Doing four transfers for $5000 each is not a solution. Transferring smaller amounts in multiple transactions to avoid a reporting limit is specifically defined as money laundering, even if you are sending it to your poor sick grandmother for her breathing machine.
Also see:
http://www.irs.gov/compliance/enforcement/article/0,,id=112999,00.html
http://www.irs.gov/compliance/enforcement/article/0,,id=187285,00.htmlIRS
Now, if I have frightened you enough to be careful, see this link
http://www.irs.gov/compliance/enforcement/article/0,,id=113002,00.html
in 2008, only 1,940 investigations were carried out. in the entire USA.
source(s):
IRS web site
Above links
IRS web site
Above links
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