Hello, Expat Forum.
I’ve been living and working in South Korea for over a decade, and I received a little US-based inheritance money that was deposited into my US bank account earlier this year. Using WireBarley, an international money transfer service, I recently wired over a little, and I’d like to wire over some more, but I’m curious, are there any tax implications wiring a certain amount of money over the course of a year?
I’ve been living and working in South Korea for over a decade, and I received a little US-based inheritance money that was deposited into my US bank account earlier this year. Using WireBarley, an international money transfer service, I recently wired over a little, and I’d like to wire over some more, but I’m curious, are there any tax implications wiring a certain amount of money over the course of a year?
I understand the daily limits, etc, but I’m curious if I’d have to pay taxes because it’s inheritance being wired over, etc.
Also, I’m aware of the Foreign Account Tax Compliance Act, and I’d need to comply if I have over 10k in a foreign account, which I expect wouldn’t be for very long at all as I intend to transfer over to my wife who is a foreign national.
I’d greatly appreciate a response.
-Paul
