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Old 12.02.2013, 19:57
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Taxes on money transfers to US

Hello,
My family has recently inherited a considerable amount of money from a Swiss bank account and we wanted to transfer it to a US bank account. I was wondering how much tax we would have to pay on the transfer. I would really appreciate any help on the matter.
Thanks
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Old 12.02.2013, 20:11
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Re: Taxes on money transfers to US

There are no taxes on transfers, but there may be on the inheritance itself, either here, the US, or both.

Tom
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Old 12.02.2013, 20:12
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Re: Taxes on money transfers to US

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Hello,
My family has recently inherited a considerable amount of money from a Swiss bank account and we wanted to transfer it to a US bank account. I was wondering how much tax we would have to pay on the transfer. I would really appreciate any help on the matter.
Thanks
If the holder was a non-US citizen, this is probably the information you need to file with the IRS. There is another one for if the person was a US citizen.
http://www.irs.gov/Businesses/Small-...-U.S.-Citizens

Generally, you are not taxed on money you inherit by the US government (under a certain amount of money - over that (5.25 million USD for 2013), the amount over is taxed at 35%), but you will need to show that the money was inherited appropriately, which is why there is a long process to do that for international inheritances.
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Old 12.02.2013, 20:42
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Re: Taxes on money transfers to US

You may be asked for the reason you transfer a "considerable amount" of money. A simple proof of inheritance will work. Reason is, the banks are doing just about everything to prevent money laundering, and want to cover their tail.
JC
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