The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: we're moving back to the states-please advis Date:  12/8/2004  8:12 PM
Author:  umma2three Number:  74525 of 127616

Thank you all for your advice.

I have actually called my bank in the states and let them know that we will be wiring money into the account and all they said was that they will make a note of it on my account. Should I talk to a manager or somone higher? They didn't seem too interested or concerned.

Also, we will be transferring more than $10,000, actually alot more. We have been able to save a higher percentage of our income here in Korea. But since we have been reporting and filing income tax, this should not be a problem as well, correct?

My understanding is that the bank will have to report this wire transfer to the IRS since it's over $10,000, but since we have been reporting our income, this shouldn't set off any bells with the IRS. Do I have this correct?

Thanks again,
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us