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P
Phonou
April 1, 2024
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Large Wire Transfer from USA to France

  • April 1, 2024
  • 1 reply
  • 0 views

Hello,

 

I am a US resident and I wired a large amount of money (more than 10000$) to a bank account in France in order to buy a new real estate that is still under construction (hence no income coming from it).

The bank account in France is a checking account and belongs to me.

A couple of questions as the IRS verbose is not clear for me:

- Is a checking bank account in France is a foreign trust?

- Do I need to fill or report anything to IRS beside the FBAR?

Best answer by MinhT1

No, your French bank account isn't a foreign trust.

 

You may have to file Form 8938 if the total value of your foreign financial assets exceed the thresholds indicated on page 4 of this IRS document.

 

You have to file a FBAR by April 15, 2024 if the total balance of all your foreign bank accounts  exceed $10,000 at any time during 2023.

 

See this FinCen document.

1 reply

M
MinhT1Answer
April 1, 2024

No, your French bank account isn't a foreign trust.

 

You may have to file Form 8938 if the total value of your foreign financial assets exceed the thresholds indicated on page 4 of this IRS document.

 

You have to file a FBAR by April 15, 2024 if the total balance of all your foreign bank accounts  exceed $10,000 at any time during 2023.

 

See this FinCen document.

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