How to transfer money and save money legally after immigrating to the United States

As more and more people immigrate to the United States, many life problems are highlighted. Many friends have such doubts. After immigrating to the United States, how to transfer money and save money legally in the United States? Here comes the question. I'll give you a popular science lesson.

1. I live in America with a green card. My husband doesn't have a green card in China, and he gives me $200,000 in living expenses from a bank in Hong Kong every year.

The IRS stipulates that American residents (including citizens, green card holders, people with legal work visas and people who meet the actual detention standards) need to fill out a form called Form 3520 if they receive gifts or money worth more than $65,438+000,000. It should be noted that the 3520 form is only an information declaration document, not a tax payment document; In other words, just because you declare the gift income to the IRS doesn't mean you need to pay taxes on it.

2. I work in the United States with a visa of H1B. Recently, I am short of money. A good brother from China helped me and gave me $50,000 from China.

In this case, you don't need to do anything for the same reason. As long as the gifts or money given to you by relatives and friends abroad do not exceed $6,543,800+,there is no need to declare.

I brought $500,000 from overseas to the United States, and now I want to deposit it in the bank.

This situation is a bit like that in Ying Da! Of course, you can deposit your money in the bank, but according to federal law, if financial institutions such as Bank of America receive accumulated 10000 dollars or more in cash deposits from the same person within 24 hours, they must declare the funds. If within 30 days, the bank suspects that the depositor intends to deposit no more than $65,438+0,000 at a time, which may involve money laundering, tax evasion or other criminal activities, the bank must also submit a suspicious activity report to the IRS.

So, I think, if this is your own $500,000, you should save it, but don't be smart enough to save it when the installment is less than $65,438+0, because it will arouse suspicion. It is better to save it once and declare it once.

4. I work in the United States with a visa H1B. Recently, I am short of money. A good American brother helped me and gave me $50,000 from America.

Compared with China's good brothers, American good brothers are another matter! Give a positive answer first. In this case, it needs to be declared and the donor needs to pay the gift tax.

If both the recipient and the donor are in the United States, they need to comply with the regulations of the IRS on American gifts. You know, even if it is a gift, there is a gift tax, but usually in the United States, the donor pays taxes. If the recipient needs to pay taxes, he should contact an accountant and ask him to help him.

However, gifts are tax-free under the following circumstances:

The value of the donated part shall not exceed the annual tax exemption amount of each calendar year. Take 20 17 in the latest year as an example, and the annual tax allowance is $ 14000.

Help others pay tuition or medical expenses.

Gifts take place between legal couples.

The object of the gift is a political organization with a specific political purpose.

The form used for gift tax is called Form 709.

I work in America with a green card, and I am short of money recently. I sold some old cameras to a brother who gave me $65,438+02,000 in cash.

In this case, you need to declare this cash income. According to the regulations of State Taxation Administration of The People's Republic of China website, if a company or individual accepts cash of more than RMB 10000, it must report the 8300 form to State Taxation Administration of The People's Republic of China within 15 days. The statement shall indicate the place where the cash was received, the social insurance number/company tax number, address, transaction type and payment method.

6. I live in the United States with a green card and want to buy a house recently. I don't have enough cash An American relative first lent me $2 million and transferred it to me from an American account.

This situation is more complicated. Let's divide it into two situations:

First, relatives kindly lent you money, and finally said they didn't have to pay it back.

If you don't pay back the money, it means that the money is for you, so it's quite Ofuse, and it's handled according to the laws and regulations of giving.

Second, relatives are still very kind and lend them to you without charging you interest.

If it is a relatively small amount of money between relatives and friends, naturally there is no problem. But if the amount is too large, such as $2 million in this example, enough to buy a mansion in the United States, then you should be very careful. If the relative still insists on not charging interest, the IRS will treat the interest that should have been charged at the market price as a gift. If it exceeds the annual tax-free gift, the relative person has to pay the gift tax.

So if relatives really lend it to you kindly, remember to pay interest!