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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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My husband recently became a US citizen after 19 years of permanent

Customer Question

My husband recently became a US citizen after 19 years of permanent residency. He now wants to transfer funds from his native country, Israel into the US. Is this a taxable event? Does he need to fill out IRS form 3520?
Submitted: 2 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 2 years ago.
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.

In brief, this is not a taxable event. As this will be your husband's own money and he is not receiving it as a gift from a foreign person, the form 3520 will not apply to his situation. However if he is physically going to be transporting money here from Israel personally, or by some other means of physical transport, he will be required to complete a FinCen 105 Form. REPORT OF INTERNATIONAL TRANSPORTATION OF CURRENCY OR MONETARY INSTRUMENTS.

Link to form/instructions:

http://www.irs.gov/pub/irs-pdf/ffc105.pdf

------------------------------------------------

WHO MUST FILE:

(1) Each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time from the United States to any place outside the United States or into the United States from any place outside the United States, and

(2) Each person who receives in the United States currency or other monetary instruments In an aggregate amount exceeding $10,000 at one time which have been transported, mailed, or shipped to the person from any place outside the United States.


PLEASE NOTE THAT A TRANSFER OF FUNDS THROUGH NORMAL BANKING PROCEDURES, WHICH DOES NOT INVOLVE THE PHYSICAL TRANSPORTATION OF
CURRENCY OR MONETARY INSTRUMENTS, IS NOT REQUIRED TO BE REPORTED.
Customer: replied 2 years ago.
Hi He will not be transporting the funds but will either wire them or actually borrow against them from the foreign bank. Wont the wires be reported to the Treasury--due to some anti terrorist law and if so will the funds need to be reported in any way on his tax returns??
Expert:  Tax.appeal.168 replied 2 years ago.
Hello again,

Unless the money is income, it does not have to be reported on the tax return. Regarding the reporting it to the IRS, the financial institution will complete a form to report the money to the IRS. At some point the IRS might send a letter asking what the source of the money is from.

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