Legal Question in Banking Law in Illinois
IF WE SEND A RATHER LARGE AMOUNT OF MONEY $60,000 FROM OVERSEAS TO OUR BANK ACCT. IN US. WHAT HAPPENS? HOW IS IT TAXED, REPORTED ETC. iT IS MONEY WE INHEREITED FROM A REALTIVE OVERSEAS WHO IS NOT A US CITIZEN.
Asked on 11/10/09, 1:38 pm
1 Answer from Attorneys
Adam S. Tracy
Securities Compliance Group Ltd
You may have to complete what is known as a Currency Transaction Report with the bank. There would be no tax due in the United States. However, there may be tax due to the country from which the inheritance emanated. Please feel free to contact me directly with any further questions: [email protected]
Answered on 11/21/09, 3:35 pm
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