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March 6, 2025
Question

I have been filing FBAR with the IRS. If I wire more than $10K from my foreign bank account to my US bank account, is it subject to tax and do I need to report the wire?

  • March 6, 2025
  • 1 reply
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Please note I am already paying tax on the interest income in my foreign bank account.

1 reply

March 6, 2025

@krisandclint ,

I am assuming you mean that you have been filing FBAR  ( form 114 ) with  FinCen.gov -- this is part of the treasury.

If you transfer / wire monies from your foreign  bank account to your US bank account --- the receiving bank will raise  a SAR  (Suspicious  Activity Report ) as a matter of course  and that is it -- nothing  happens , since they know you.   

There is NO Tax Consequence -- you are moving your own monies between accounts.

Any interest earnings  on your monies abroad, needs to be recognized on your  US tax return  and  taxed by the US.  Any taxes paid to a foreign taxing authority may be eligible for  foreign tax credit.

 

Is there more I can do for you ? 

March 6, 2025

Thank you! That was very helpful.