need financial advice

[leonardman]

Hello,

I'm US Citizen (born in US while my mom was doing her Medical Residency) but grew up in Southeast Asia.

I got a job in Oregon and now I'm moving there next month!

All I have is a social security number, US passport, and a CA driver's license.

I don't have credit history and bank accounts. But plan to open and get a credit cards immediately once I arrive.

I'm wondering how I could transfer my money to the US without getting into trouble with the IRS. If anybody could offer up some advice?

Thank you

[08njSTEP]

Cash in a duffle bag? Welcome to US. Hope you like rain, cause you're going to see it every day(nearly).

[Axius]

How much do you need to transfer? The amount will change your available options as far as taxes and transfer fees.


Here's from a quick google;
http://www.investopedia.com/financia...fer-money.aspx

[Our03z4]

Bring it over 9,999 at a time and you're good...But the airline tickets will eat most of that up. Don't believe the "American Dream" by building credit. If you can manage without loans you will be light years ahead of other Americans and build wealth that much faster. Cash is still king. Welcome back!!!

[upstatedoc]

hookers and blow

[Fundguy1]

Originally Posted by upstatedoc

hookers and blow

Sounds like a plan.

[shadow191]

You're not going to get into trouble with the IRS for transferring money to the US. Just open an account and transfer money, it's very common. As long as the money is from legitimate sources, you're fine. Don't try to do anything fancy like make a bunch of small transfers, banks spot that immediately and it's automatically reported. Answer the questions the bank is going to ask about source and so on and you're fine.

[F87LUV]

Also, if/when you've filed US tax returns and haven't reported your foreign account balances over $10,000, you're looking at penalties that could cost you 50% of the balances in your foreign accounts for every year you haven't reported them.

[fecurtis]

Just don't tell the bank you're in the import/export business and give some weird ass wink.

[MCS]

Depends on the amount of $ you're thinking about.

If large sums - Open an an account with an international bank that has branches in the US - i.e. Citibank, HSBC, Santander and ask your banker to set up a US$ account that's joined to your foreign account.

If US based - A SSN will be required for tax purposes. You may want to open a completely separate acct for the US $ only.

[leonardman]

Originally Posted by MCS

Depends on the amount of $ you're thinking about.

If large sums - Open an an account with an international bank that has branches in the US - i.e. Citibank, HSBC, Santander and ask your banker to set up a US$ account that's joined to your foreign account.

If US based - A SSN will be required for tax purposes. You may want to open a completely separate acct for the US $ only.

I'm wondering about this. Aren't HSBC, Citibank only located at Major US cities? (LA, NY, Seattle etc)

[UncleWede]

IF you send me your info, I can get a wire transfer set up to your accounts then send you a check once you get here. My son is up in Oregon so he can hand-deliver the ALLEGED check personally, for an additional small fee you'll have to pay in advance.

You are royalty, yes?

[bimmer456]

I like the idea of a carry on duffle bag stuffed with cash, ideally US currency.

[Kolyan2k]

How much? If you are transferring money from your bank account to your bank account there shouldn't be any IRS problems. Your parents can also wire you money with out issues with IRS (there are limits). Or you can use your bank card here for purchases or takeout cash from ATMs

Many or most US based banks are not in relationship with foreign banks even if under the same name. So Citi in EU and Citi in USA are 2 different banks, you can only get fee free ATM use

[RJ_]

There's gotta be a few expats around here who would know better than I.

That is an interesting predicament though, growing up never living in the US, but still being required to pay US taxes (if that's even how it works).

[F87LUV]

Originally Posted by RJ_

There's gotta be a few expats around here who would know better than I.

That is an interesting predicament though, growing up never living in the US, but still being required to pay US taxes (if that's even how it works).

As a US citizen or green card holder, you're required to file and pay tax on your worldwide income. There are annual exclusions and tax treaties that alleviate some of the tax burden, of course but most people like to tell themselves they don't have to if they don't live here.

[EL Jeffe 5]

PM me I can help with that

[byroncheung]

Originally Posted by F87LUV

Also, if/when you've filed US tax returns and haven't reported your foreign account balances over $10,000, you're looking at penalties that could cost you 50% of the balances in your foreign accounts for every year you haven't reported them.

This! I know this all too well now I'm personally going through this.

You will have to be very careful if you haven't been reporting tax on those foreign accounts and filing FBAR on them...

[smoosh]

Originally Posted by F87LUV

Also, if/when you've filed US tax returns and haven't reported your foreign account balances over $10,000, you're looking at penalties that could cost you 50% of the balances in your foreign accounts for every year you haven't reported them.

JESUS!!!

[F87LUV]

Originally Posted by byroncheung

This! I know this all too well now I'm personally going through this.

You will have to be very careful if you haven't been reporting tax on those foreign accounts and filing FBAR on them...

I have a good deal of experience with international tax matters. The IRS isn't messing around and most foreign banks are cooperating and turning in US names. Just look up UBS. That's where it started. Obviously, they're more concerned with people hiding significant wealth but still- I would encourage people to comply. The filings are informational anyway.

[rcracin]

Nothing to lose on the foreign reporting since you didn't earn any of it while you were a United States resident. Disclose the bank account highest amounts throughout the year on the appropriate forms yearly and you'll be fine.

I'd focus more on finding the cheapest way to bring your money here as in foreign exchange rates.

Credit isn't that easy to come by without any history here whatsoever. You may even have a difficult time getting cell phone service that isn't prepaid or similar.

[bimmer456]

Here's another good idea, use your money to buy diamonds which you can hide in your carry on as they're small. Then sell them once you're here.