How much do I get taxed on wire transfers? Does the govt. ask you question if you transfer out too much? What's the max you can transfer out without being questioned?
2007-05-24 08:39:42 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
There is no tax on wire transfers. All transfers of $10k or more are reported to the US Treasury Department. So are aggregate transfers between the same parties over a short period of time.
2007-05-24 09:41:45 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
To add to bostonianinmo's correct answer: The purpose of reporting large transactions is primarily to detect money laundering and other financial crimes. Unless your taxes were suspicious for other reasons, the IRS is not concerned about large transfers.
2007-05-24 18:00:41 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Right again Boston. Man you get good answers in before I can read the questions..
2007-05-24 17:50:50 · answer #3 · answered by BS 3 · 0⤊ 0⤋