Transfer of dollars from a foreign country

Asked 4 months ago - Cliffside Park, NJ

Relatives owe me in foreign currency the equivalent of $35K in US dollars. They want to transfer the money to my US account. I live in the US and have no connections other than relatives to the other country. I heard that as long as the the transferred amount is under $10K I do not need to pay taxes or report the transfer to the IRS. I am planning to deposit the money in my children's bank account for their education. Is it true that I do not need to report the transfer as long as the amounts are under $10K? If this information is not correct, what should I do, whose advice should I seek?

Attorney answers (3)

  1. William J Popovich

    Contributor Level 18

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    Lawyer agrees

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    Answered . I agree that you should see a lawyer on this. Many things matter, including the status of the country the money is coming from and even who it is or what bank, if in an area the US deems questionable.

    This should not be considered legal advice and is intended for educational purposes only. It does not constitute a... more
  2. Michael Charles Doland

    Contributor Level 20

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    Lawyer agrees

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    Answered . Repayment of debt is not income. Interest earned on the loan is.
    Wire transfer of funds into the US does not require a declaration with the Treasury department. Travelling into or out of the US with $10,000 or more of cash or financial instruments must declare it.

    The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may... more
  3. Alex Bezu

    Contributor Level 14

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    Lawyer agrees

    Answered . Yes and no. It depends on other facts that we don't know. See a lawyer.

    My answer is just my thought about your question, and not legal advice because you and I do not have an attorney-... more

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