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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3173
Experience:  IRS licensed Enrolled Agent and tax instructor
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If a foreign national wants to open up a business with her

Customer Question

If a foreign national wants to open up a business with her sister, who is an american citizen, is there any limit to the amount she can transfer over? I was thinking that if her sister started the business, she could transfer the money to the corporation's bank account. If an LLC she (foreign national) would have to get an ITIN number.
Submitted: 2 years ago.
Category: Tax
Expert:  emc011075 replied 2 years ago.

Hi. My name is ***** ***** I will be happy to help you.

There's no legal limit on wire transfers unless your banks you are dealing with have daily limits or limits for certain transactions. That's something you will have to clear with you banks. Legally, the sister can wire in how much she wants and deposit it in whatever account she whats.

Now, depending on the structure of the business and timing there might be some reporting required. When you file your business/personal taxes tell your tax adviser about the wire transfer and in most cases she/he will file the required paperwork with your tax return. The money transferred will NOT be taxable.

Let me know if you have any questions.

Expert:  emc011075 replied 2 years ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.