Hello and thank you for using Just Answer
This information is based on your being a US citizen or resident alien.

You can have the amount transferred to your US bank that is legal and you do not have a tax event by doing so. You may need to report the gift from your brother if it is over a certain amount.

If your brother gifts you more than $100,000 you wil need to report the gift on form 3520. You do not pay tax on the gift but you must report because your brother is not a US person.

Generally, a foreign gift is money or other property received by a U.S. person from a foreign person that the recipient treats as a gift or bequest and excludes from gross income. A “foreign person” is a nonresident alien individual or foreign corporation, partnership or estate.

Where to File Form 3520
Mail Form 3520 to the following address:
Internal Revenue Service Center
P.O. Box 409101
Ogden, Utah 84409

Now, about that account he wants to open for you. If at anytime it has $10,000 in it you would need to file Form 90-22.1

This is known as the FBAR.

The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.

Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The new Form 8938 filing requirement does not replace or otherwise affect a taxpayers requirement to file FBAR. So depending on the amount in that account you may need the 90-22.1 and the 8938

I know this is all alot but you would not want to take the advice of those that would say the IRS would never know. More and more countries are working together to close the loop holes of individuals and report.

Did you have another question before you cick ACCEPT

No he is not a US person so he would have no tax responsibility to the US.

If he opens an account here he would still not have to pay as long as he is not a US person

A bank account and any interest earned on that account is not taxable in the US to a Nonresident alien

I wish I could but we are not allowed to advise on any one company or person for endorsements.

I would look to others you know personally and ask who they use

Your bank can handle the transfer and will know how to do it so it is smoothly accomplished

You will need all the forms I mentioned

The 3520 to report the gift

The 90-22.1 and the 8938 most certainly

Those forms report the gift

When you ook for a tax specialist make sure you request they have international experience

No, that is when you, a US person gives money to someone else

If you gave more than $13000 in one year to any one person you would need to report the amount over $13000

no tax until you hit your lifetime limit $5mil

He is not a US person

As long as you report the gift you will be covered

I don't think you need an attorney

\But a tax professional to assist with the forms

I think that about covers it but you can always come back even after you click ACCEPT. You have a very generous brother

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