What pitfalls do you need to guard against when transferring money and saving money in the United States?

The recent money laundering lawsuit in British University has been raging, so what are the common pitfalls to be wary of when transferring money and saving money in the United States? Let's take a look at it with the overseas immigration network! Welcome to reading.

What pitfalls should the United States pay attention to when transferring money and saving money?

● First, we must prove the legitimacy of the source of funds, and second, we must prove the legitimacy of the transaction.

To prove the legitimacy of the source of funds, the most important thing is to prove that the funds have been taxed. Even if the funds are donated or borrowed from others, it is necessary to prove that the money has been taxed.

● If the overseas gift exceeds 6,543,800 yuan, the 3520 form should also be filled out.

Investment immigrants or those who have overseas properties can also declare overseas assets on the 8938 form, and remittance back to the United States also has a tax basis.

● Large cash deposits must be declared in Form 8300.

According to federal law, anyone who receives more than $ 654.38+0000 in cash for his trading business and business-related activities at one time, or receives more than $ 654.38+00000 in cash for his related activities continuously, must declare Form 8300, namely "Cash Payment Report".

● China citizens holding US green cards are required to declare personal income tax to the IRS.

Even American green card holders are not American citizens, but American tax law requires that the global income of green card holders must be declared in American personal income tax form 1040.

● Declaring and disclosing overseas financial assets is the best way to protect wealth security.

With the promulgation of 20 10 American FATCA (overseas account tax) act, the declaration and disclosure of overseas financial assets have strengthened law enforcement. The disclosure and reporting methods of overseas financial assets, whether FATCA (Overseas Account Tax Law) or CRS (Unified Reporting Standard), need to be publicly disclosed, which is the safest way to ensure wealth.