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Subject:
Bringing inheritance money into the US from a foreign country (Andorra)
Category: Business and Money > Finance Asked by: ppianeta21-ga List Price: $10.00 |
Posted:
26 Jan 2006 19:48 PST
Expires: 25 Feb 2006 19:48 PST Question ID: 438181 |
Long story short, I relative of mine who was living in Andorra died, leaving some money and two houses. The assets were sold and the money split in 41 parts between the relatives. My part is sitting in a bank in Andorra and its around 50k euros($60k). I want to use this money for a downpayment of a house here in the US where I currently live (I am of spanish nationality) but I am unsure what's the best way to do this without losing too much money in the process. For example, are these $60k going to be taxed when I transfer them in? Being that this money sits on a foreign account under my name, wouldnt it be simply a transfer of assets and it should not be taxed? Thanks in advance. |
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There is no answer at this time. |
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Subject:
Re: Bringing inheritance money into the US from a foreign country (Andorra)
From: daniel2d-ga on 26 Jan 2006 20:04 PST |
Have your banker transfer the money into your account in the U.S. |
Subject:
Re: Bringing inheritance money into the US from a foreign country (Andorra)
From: ppianeta21-ga on 26 Jan 2006 22:43 PST |
But what are the tax implications of doing this? Won't the IRS ask me where this money came from? |
Subject:
Re: Bringing inheritance money into the US from a foreign country (Andorra)
From: dprk007-ga on 28 Jan 2006 14:28 PST |
I have had bank accounts in 4 different countries (although NOT the US) I have transfered money between the accounts without any problem. If I own the money I make the assumption that i do not owe any tax on it (to any tax jurisdiction). However maybe things are not that simple with the US. If the Bank account in Andorra is your bank account I would transfer the money as you see fit. If the IRS knows about it then let them come back to you. Yours Truly DPRK007 |
Subject:
Re: Bringing inheritance money into the US from Andorra
From: zaitech-ga on 14 Feb 2006 13:13 PST |
First, there are no taxes when you transfer funds or assets into or out of the USA. The only charges you will have are all bank related; either transfer fees and/or currency conversions. The optimal method of transfer would be to have your bank in Andorra convert the amount into USD before transferring it via SWIFT to your nominated bank account in the USA. (If transferred in Euros you will get a poor exchange rate at most US banks. Conversely, European banks often give much better exchange rates.) If your US bank account is held with a regional bank or credit union not linked to the SWIFT network, then you may not be able to transfer the funds directly from Andorra, and any intermediary banks will each deduct fees. Ask your US bank if they use SWIFT so you can avoid any unexpected fees or other surprises. Most larger US banks are linked to the SWIFT network. The cheapest (and slowest) transfer option is to have your bank in Andorra send the funds in the form of a banker's draft or bank check denominated in USD drawn on a US bank. Most US banks will accept these for clearance without further deductions or charges, but you lose the potential bank deposit interest in the meantime. As to US taxes: There is no Federal inheritance tax, but some States may seek to collect inheritance tax. There would be Federal estate tax payable if the estate was worth more than US$1,500,000, so you don't have to worry about that. Be aware that if you are a Spanish national and resident for tax purposes, or domiciled in the EU, you may potentially owe Spanish inheritance tax. Of final note, US resident and citizen are expected to declare all bank accounts including foreign-held ones to the IRS on their annual tax returns. |
Subject:
Re: Bringing inheritance money into the US from a foreign country (Andorra)
From: rencav-ga on 09 Aug 2006 06:44 PDT |
Sorry for not providing any info here. But your case is similar to a friend's. What was your resolution? Were you able to transfer your inheritance money into the US? Did you have to file anything with the IRS? Thank you. |
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