transfering money abroad and tax consequense
would like to wire aprx.$200,00 to my foreign act under my name. any tax reporting?
plan to buy real estate in that coutry,japan
Asked on 8/24/07, 6:19 pm
1 Answer from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
Re: transfering money abroad and tax consequense
To the best of my knowledge, I don't believe transfering money overseas to an account that is under your own name has any reporting requirements.
The taking or sending overseas of cash, cash equivalent and bearer instruments $10,000 and above must be reported to U.S. Customs.
Good luck with your property in Japan.
Answered on 8/24/07, 9:14 pm
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