Hello Bogleheads,
Basics:
- we reside in the USA
- my spouse has ~40,000 EUR in a European bank account
- we've always filed married filing jointly, but never filed a Form 8938 with the IRS because it's under the $100k USD limit
- we've filed an FBAR with FinCEN every year
We'd like to wire over some of this money to the States this year. Does anyone know about the corresponding tax form, or IRS page we should be looking at? And if we end up bringing over all the money and close the account, do we just stop filing an FBAR?
(I'm aware each person could bring in $10k cash every trip, but with civil asset forfeiture, this seems risky. And depositing it Stateside will be problematic.)
Thank you!
Basics:
- we reside in the USA
- my spouse has ~40,000 EUR in a European bank account
- we've always filed married filing jointly, but never filed a Form 8938 with the IRS because it's under the $100k USD limit
- we've filed an FBAR with FinCEN every year
We'd like to wire over some of this money to the States this year. Does anyone know about the corresponding tax form, or IRS page we should be looking at? And if we end up bringing over all the money and close the account, do we just stop filing an FBAR?
(I'm aware each person could bring in $10k cash every trip, but with civil asset forfeiture, this seems risky. And depositing it Stateside will be problematic.)
Thank you!
Statistics: Posted by thetadecay — Wed Jan 08, 2025 12:38 pm — Replies 1 — Views 87