Transfering a large amount of money from overseas Hello. Excuse me if this is the wrong place to post this. I wasn't sure. Here's my situation:
I am from the USA, and I have been living in Taipei, Taiwan, for the past fifteen years. My wife, who is Taiwanese, and I are moving back to the States next June with our two young daughters. We will be buying a condo in the Seattle area.
We currently own a house here in Taiwan, which we are selling this year. We will get around $250,000 for it, and that cash will go into my wife's Taiwanese bank account. We then want to transfer that money to my Bank of America account in the States, so we can use it for purchasing the condo. One big problem is that my BofA account might be deactivated due to inactivity, as it has been quite a few years since I've used it. I can just open it back up or open a new one when I get there next June if need be.
What we need help with is the actual transfer of the money and any taxes that might go along with that. We are really kind of in the dark about all that stuff, and for some reason, it's difficult to find answers online.
Are they taxes that we need to file, pay, or be aware of before wiring the money? If so, how do we go about taking care of all that stuff?
Thank you for your time! |