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Hi, my name is Mark. I will be happy to help you with your questions. Are these both your accounts? How much are you wiring?
Sorry I had to step away from the computer for a moment. Have you been filings a FBAR each year?
No I am not working with an attorney. Any transaction that is greater than $10,000 the IRS will receive a record of. Was the money for earnings? An inheritance? If it is just your money there is not forms or taxes that you would need to worry about for the wire. If it is from an inheritance you would need to complete form 3520 if the amount is greater than $100,000. You would also want to remain in compliance with FBAR regulations.
Ok if it is a foreign gift you would still need to complete 3520. This is just an informational report. There is no taxes that are do.
I can have the question reclassified to another category.
Here is a link to the IRS website regarding the rules for a foreign gift. If the amount is over $100,000 form 3520 needs to be filed.
Yes, your CPA could help you with the Form 3520. It is not a big deal if you wire more than $10,000. The government just tracks these transactions to identify illegal activities. Let's assume that you are reporting income of $30,000 each year and then suddenly $500,000 is transferred into your bank account. The government is going to wonder what is the source of this money? Was the income reported? Did it come from illegal activities etc? That is why form 3520 is needed.
I am not sure if there are any tax consequences regarding the $500,000 gift from South Korea. There are none from the US perspective. I think it would be worthwhile to talk with an international banking attorney - even if it is just for the peace of mind.
The form 3520 is required if you receive a gift from a foreign citizen of more than $100,000.
The $10,000 rule is reporting that are required of US banks.
It would not cause questions especially if the gift is reported on form 3520. I am going to move the question to a law section.
I requested an international banking attorney.