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transfer money from out of the country to usa

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Level 2

My client transfer $28,000 from out of the to their account here in United States. What forms do I need to file?

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Level 15
Level 15

I think youre going to want to provide more details with this....your client has a bank account in some other country and transferred the money over to his US bank account?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15

If your client is an individual, there's no information return that needs to be filed for the inbound transfer (although the bank may have to do some filing).  However, your client will likely have other filing requirements.

If it's coming from a bank account your client maintains overseas, your client will have at least a filing requirement for FinCEN 114 but may also have a filing requirement for F.8938 (FATCA), depending on the filing status, whether your client resides in the US, and the aggregate maximum value of the SFFA.

In case the money is coming from a foreign trust or bequest, your client will need to file F.3520.

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Still an AllStar
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