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Topic: Funds transfer limits to us?  (Read 751 times)

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Funds transfer limits to us?
« on: October 17, 2007, 01:13:27 PM »
I need to transfer some money to us to pay off some debt.  I have heard there is a monthly limit you can transfer  something to do with being taxed in the usa.  Does anyone know?  Money would be transferred from uk to us


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Re: Funds transfer limits to us?
« Reply #1 on: October 17, 2007, 01:24:55 PM »
I've not heard of any transfer limits.

Some people get confused about the $10,000 *reporting* requirement for *CASH* transactions.  If you do a transaction > $10,000 in CASH or other currency thing like a cashiers check, then the bank is required to report that.  Personal checks are NOT included under the act.  It is designed to track large cash transfers (was enacted to stop drug dealers from buying BMWs with 10s and 20s).  Wire transfers are not covered by this reporting requirement.

http://www.irs.gov/businesses/small/article/0,,id=148821,00.html

However, it is a reporting requirement only.  There is no 'tax due' when you make a 10,000 cash transaction--you just report it (and yes, it better all add up at the end of the year on your 1040).


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