Question

Transfering my own money from Spain to my US account

Forum|Forum|1 year ago
February 18, 2025
2 replies
0 views

Hi there,

My spouse and I lived and worked in Spain before moving the US and we want to transfer our 40K EUR that we still have in our bank account in Spain to our US bank account?
I understand I do not need to pay taxes since it's my own money and I've declared my accounts abroad with the FBAR, but do I need to report the transaction somehow?

Thank you.

Not A Product Question

M

MinhT1

No. Transferring your own money to the US is not a tax event.

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F

fdemiguelsdpAuthor

Thanks for the reply. I assumed it's not taxable but is there any report I need to file with the IRS? I belive the banks will be notifying them since it's over 10K.

Thank you!

DaveF1006

No. There is no additional report you need to make to the IRS in regards to transferring your own money. You have complied by filing the FBSAAR report.

Your bank may report the incoming wire transfer in accordance with the Bank Secrecy Act if it is over $10K but you have covered your base by reporting your foreign account on a FBAR report. You do not need to do anything additional.

Bank Secrecy Act

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