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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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Is transfaring a saving account form Iran to the U.S. exempted

Resolved Question:

Is transfaring a saving account form Iran to the U.S. exempted from tax?
Submitted: 4 years ago.
Category: Tax
Expert:  Jax Tax replied 4 years ago.

Jax Tax : Yes it is but transfers are restricted under embargo so an intermediary bank will be needed.

like from a third country/


what is an intermediary bank?

Jax Tax : Bank of England for example. An intermediary bank is the middle man. From Iran to intermediary to US.
Jax Tax : Ask your bank in Iran and your bank in US. Each will give you a name of a bank to use.

is there a limit to the amount?

Jax Tax : They will not transfer money directly from a bank in Iran to the US unless we are talking about a bank on US soil in Iran like on a military base or embassy property.
Jax Tax : Then its considered in the US not in Iran.

we can send it to germany first.

Jax Tax : No limit at all.

and then to our account here

Jax Tax : It is not going to be taxed because earnings of a US citizen are taxed regardless of where earned with some foreign income expections. Basically, of the income was taxable it would have already been taxed as it would have been reported on your return.
Jax Tax : Germany is good.
Jax Tax : Just not to Syria, Cuba or north Korea

does it have to be claimed?

Jax Tax : No
Jax Tax : Not for tax purposes. Only inheritances or gifts from others over $100k must be reported.
Jax Tax : If it is your money, not reporting.
Jax Tax : Though banks report all transactions over $9999 to the department of treasury.
Jax Tax : Not for tax purposes for terrorist and mob issues and money laundering.
Jax Tax : But that is of no concern to you. Thousands are reported every hour.

so basically we can transfare our saving from Iran to Germany to the U.S. without tax?


and that is to buy a house

Jax Tax : Yes. You are all good.

ok thank you

Jax Tax and 2 other Tax Specialists are ready to help you
Expert:  Jax Tax replied 4 years ago.
Let me know if you have further questions.