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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11825
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My wife is a NRA and I am a US citizen. She is transferring

Customer Question

Customer: Hi, my wife is a NRA and I am a US citizen. She is transferring 27,000 usd to the US as she is moving to the US next week. She doesn't have an account in the US at this time so she is transferring to my account. She will be a permanent residence after two weeks of arriving in the US and I will add her name to the bank account then. Is the 27,000 taxable.
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Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University's Stetson School of Business and Economics, as well as CFP and CRPS designations.

I have been providing tax advice and planning for Non-resident and resident aliens (along with other international issues) for 30 years. I can help here

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Expert:  Lane replied 1 year ago.

This money is not taxable ... nor is it above the $100,000 threshold where you would need to disclose (using IRS form 3520) for money laundering, and other money tracking purposes.

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Expert:  Lane replied 1 year ago.

This could be characterized in two different ways:

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(1) a gift (under US Law a gift is something given without the expectation of anything in exchange) ... gifts are specifically excluded from income for tax purposes (IRC §102).

(2) Because you will be essentially giving the money (or half of it, because you are adding her to the account) back to her, one might characterize as a loan (also not taxable, because this is not income, a loan must be repaid)

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The reality here is that we see these kinds of transfers ALL the time, this is relatively small in the scheme of things and is never taxable ... and only reportable if in excess of $100,000 within a tax year.

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Hope this helps ... Let me know if you have questions

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If this HAS helped, (and you don't have any other questions on this), I'd really appreciate a positive rating (using those stars on your screen) … That's the only way I'll be credited with a portion of what you've paid JustAnswer.com

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Thank you,

Lane

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Expert:  Lane replied 1 year ago.

Hi,

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Just checking back in.

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Did you see my answer?

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If you need more here let me know

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But if this has given you enough, I'd appreciate a positive rating (using those stars on your screen) so that I can be credited for the work here.

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Thanks,

Lane

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Expert:  Lane replied 1 year ago.

Did you see my answer?