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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16559
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am a US citizen since birth and a resident in France for

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I am a US citizen since birth and a resident in France for 45 years. I recently returned to the States just after selling my principal residence, an apartment in Paris. I would like to transfer the money from that sale, 500,000 euros currently held in my French bank account, to the U.S.. What is the least expensive (in terms of fees) and quickest way to do this transfer?

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

The quickest way to do this would be a wire transfer directly from your French bank account to your US bank account.

Megan C :

Your bank should not charge a large fee for this.

Megan C :

The receiving bank should not charge any fees for the receipt of the wire.

Megan C :

The money will be sent very quickly and you should have access to it within 1 business day of initiating the transfer.

Megan C :

There will be no tax on the transfer, and if your home was sold for a gain you can exclude up to $250,000 of the gain on the sale from taxes ($500,000 if married filing jointly)

Customer:

How much would it cost to exchange the euros to dollars and is that a percentage or a flat fee?

Megan C :

That depends on your bank. Some banks may do it for free, others may charge a flat fee, and others a percentage. You would have to contact your bank and find that out.

Customer:

Thanks for your help....

Megan C :

You're welcome. Is there anything else that you need ?

Megan C and other Tax Specialists are ready to help you
Thanks, Roy for your positive rating and generous bonus. It is greatly appreciated. I hope you have a wonderful day, and be sure to come back and see me any time you have a tax, finance, or social security question that needs answered.

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