08-19-2010, 10:43 AM | #1 |
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Anyone got experience transfering a large sum of money into the US?
My wife is Polish and has an inheritance she wants to transfer into our account in the US. (we live here)
It seems we're already going to have to pay a big sum just to transfer it. But we don't want to be taxed on this, because it has already been taxed in Poland and I think there is some exception for a one-time inheritance when someone moves into the country. Does anyone know? If it is simple, I'd rather save the time and money it will take to talk to a tax lawyer. |
08-19-2010, 10:48 AM | #2 |
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wow! no, but I have an excellent accountant that has a wonderful track record with working with ex-patriot Americans in various countries and handling their taxes and such. if you are really interested pm me, and I will send you her contact information
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08-19-2010, 11:16 AM | #3 |
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This must be a common problem, because every day in my email spam folder, I get the same request for help in moving money for some African king. He also wishes me blessings. It's simple. I only have to send them a couple thousand bucks for handling fees, and then they will send me the money, from which I take my portion.
If you are not trying to pull a con and this is true, well why are you posting about your personal finances on a website dedicated to ereading? |
08-19-2010, 12:00 PM | #4 |
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he's been around for awhile and contributed in numerous other threads. I'm not terribly concerned
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08-19-2010, 01:18 PM | #5 | ||
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On a more serious note though, you're right this is about eReaders, but this is also one of the more truly international forums I've seen and if your going to get decent advice from someone you can probably trust this is as good a place as any. |
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08-19-2010, 03:16 PM | #6 | |
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Also, the website may be dedicated to ereading, but not this particular sub-forum. I'm posting here because I generally respect the people here. Readers are sharp people, and generally friendly too. kindlekitten - Thanks for getting my back. I'm not sure if it will be practical to use an accountant across the country. Signing forms and such would be burdensome. However, I'm and open minded guy, so would you please PM me her name and contact information anyway? |
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08-19-2010, 03:58 PM | #7 |
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Why not just to open bank account in Poland, attach a Visa or Mastercard to it, then get back to US and withdraw the whole sum from ATM in the US?
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08-19-2010, 04:06 PM | #8 |
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Some of it depends on the amount, I think. transferring more than $10,000 at a time across the border leads to pointed questions. Best advice is to spend a little money on a good tax attorney.
I wonder if the Nigerian King is related to the Nigerian Missionary I keep getting mail from? |
08-19-2010, 04:11 PM | #9 | |
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she's been through these incredible training seminars and is now what is known as a "certified agent". this ain't no 5 and dime barely trained CPA. PM coming. |
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08-19-2010, 04:13 PM | #10 |
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There is a US law that requires that you (or the bank doing the transfer) to report all large transfers of funds into or out of the US to the US Treasury Dept (I think it is). But that's no real biggie. Has been in place for ages and won't cost you anything in taxes.
As far as transferring in an inheritance, you shouldn't run into any further taxation as long as you have some sort of documents showing that it is an inheritance, and that all applicable taxes and fees have been paid on the money in Poland. (You don't need to be newly arrived in the US.) It's not considered "income" - and any inheritance taxes due on the money should have been paid in Poland on release of the estate or netted out of your share of the money before you got it. Given that your bank is going to earn a nice, fat fee for doing their side of the transfer, you should be able to ask them precisely what paperwork you'll need to prove the source of the money and whether or not it's necessary to get official translations into English of any of it. (My bet is that you won't need the translations.) Just to give you an idea what may be required, when I shipped some furniture from my parents' house in the US to myself in France, I needed to have my mother's death certificate and a copy of the probate certificate to prove this was part of an inheritance. |
08-19-2010, 04:15 PM | #11 | |
Beepbeep n beebeep, yeah!
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08-20-2010, 11:27 AM | #12 |
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Just for y'all's information, I asked at another forum I frequent and got another path to follow.
http://forum.miata.net/vb/showthread...34#post4715834 So it seems like I need to tell the treasury and also the IRS. I think I'm going to just bite the bullet and find an EA like scala suggested in the Miata forum. kindlekitten, is your friend a certified EA? |
08-20-2010, 12:48 PM | #13 | |
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Talk to your bank - the one that is going to receive the transfer - before you go after paid advice. They're going to charge you to "accept" the transfer and they are going to need to get the necessary information from you anyhow. Though for tax advice - and you'll probably need that once the money has been transfered and invested or whatever you plan to do with it - an EA is probably the way to go. Normally quite a bit less expensive than an CPA and much less than a tax attorney - for what amounts to better, more practical advice. Actually, I AM a CPA - certified but not licensed. (Kind of like "shaken, not stirred" bit not nearly as sexy.) Though I've been living outside the US for a while now and may not be up to date on all the latest and greatest twists in the law. |
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08-20-2010, 02:03 PM | #14 | |
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08-20-2010, 03:04 PM | #15 | |
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Apparently the transfer took a circuitous route - because it was seized by the US authorities . Seems he'd had business dealings with Iraq in the '80s, totally legal under UK law - but something the US took an interest in. Last I heard Anne Widdicombe M.P. was raising the matter in the UK Parliament, asking our Ministers to make representations, and he was still out of pocket. Last edited by Sparrow; 08-20-2010 at 03:22 PM. |
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