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CGCPA
CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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I am a US citizen, but am a RESIDENT in Germany. I have a

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I am a US citizen, but am a RESIDENT in Germany. I have a registered business in Germany. My wife and I are planning to spend a month in the U.S. and I would like to do some business when visiting. I'm aware that I must file a tax return for Germany and the U.S. This is not my question.

My question is that I would like to transfer funds from my EURO account in Germany to a U.S. account so I can use it easier for business transactions while in the U.S. Are there limits to the size of the transfers? Is the money which I transfer taxable? Please advise the best way to transfer money in order to do business.

I would transfer the funds BACK to the EURO account after some time.
Submitted: 1 year ago.
Category: Tax
Expert:  CGCPA replied 1 year ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

Since you are a US citizen and file US income tax returns the easiest way to move funds between the nations would be a wire transfer. If you use the same bank in both nations it will be fast and there will be no questions. Otherwise the receiving bank may ask questions as to the nature of the source of the money. Not a real issue unless you are a criminal or terrorist. There will also be no taxes on the transfer of the funds either way since you are already reporting your income to the taxing agencies.

Customer: replied 1 year ago.

I can't change banks right now. I do understand about wire transfers.


 


But I've read there are limits to the size of the transfers. I originally asked about limits. Do you know of these limits? Are there certain thresholds which cause red flags for bankers or others looking on?


 


My business is legit and I am a trader, but I don't want to draw attention to myself. I don't mind a few questions from them.


 


Aside from the questions above, I can move as much money from my EURO account to my U.S. account as I want?


 


I read that if I have an account overseas which is over $10,000, it must be reported to the IRS. If I move, let's say 10,000 EURO from an account in my wife's name, will they consider it as "mine" if I transfer it back to her account--let's say it will be 15,000 EURO by then.

Expert:  CGCPA replied 1 year ago.

But I've read there are limits to the size of the transfers. I originally asked about limits. Do you know of these limits? Are there certain thresholds which cause red flags for bankers or others looking on?

There are no limits as such. Cash deposits over $10,000 are reported to the IRS and require the completion of paperwork. As to flags, I would keep the transfers below the $10,000 mark to avoid any flags being raised. Also I would do the transfers at irregular intervals to avoid a pattern of repeated behavior which would tempt thieves and could also alert the banking system. However, transfers of any amount from a recognized bank abroad to a bank in the US is acceptable and standard business practice. If you have no skeletons in the closet I would not be worried. The worst that could happen is that you may be asked to explain the source of funds.

Aside from the questions above, I can move as much money from my EURO account to my U.S. account as I want?

Yes you can move as much as you wish. Obviously you would not want to move sums significantly greater than needed simply to have them sit in a US bank earning nothing. Common sense should prevail there.



I read that if I have an account overseas which is over $10,000, it must be reported to the IRS. If I move, let's say 10,000 EURO from an account in my wife's name, will they consider it as "mine" if I transfer it back to her account--let's say it will be 15,000 EURO by then.

That is correct. The FBAR reporting needs to be completed regularly and an account in your wife's name is XXXXX XXXXX if under joint ownership.If you want to move money from an account in your wife's name in Germany to an account in your name in the US it is legal and will be considered yours while in the US account under your name. It reverts to hers alone when transferred back to her account.

Let me know if you need additional assistance or clarification.

CGCPA, CPA
Category: Tax
Satisfied Customers: 3740
Experience: over 40 years experience in tax matters
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