# Transferring money to US account and tax implications



## mwebber

Due to FATCA, I want to transfer some savings from my European to my US account. For example, I transfer USD 150k. What are the tax implications? Do I need to pay anything to the Uncle Sam and what issues with IRS/bank may I encounter? Thank you.


----------



## Bevdeforges

To transfer $10,000 or more you need to fill out the appropriate bank transfer forms. The bank will declare the transfer - and usually that requires that they indicate the source of the funds (i.e. your European bank account).

Past that, there should be no particular tax implications for the transfer, other than any interest paid on the balance once the transfer is complete.
Cheers,
Bev


----------



## StewartPatton

In general, there are no US tax consequences attached to moving money around, and it doesn't matter for tax purposes whether you have money in a US or non-US account (except that of course there may be some reporting to do for the movement and for having non-US accounts).

But I'm curious--can you let us know exactly what it is about FATCA that is making you consider moving the money? I've just seen so many misconceptions about FATCA that perhaps we can set your mind at ease. Thanks.


----------



## BBCWatcher

There are potential tax implications if you are liquidating assets, e.g. selling stocks (equities). Then capital gains (if any) would be realized, and the gains would be taxable. Transfers from ordinary checking or savings bank accounts, no.

I also have no idea why you'd be moving money from a European to a U.S. bank account because of FATCA. There's generally a cost (wire transfer fees, currency conversion fees) to move money, so why?


----------

