- Prior to her immigration, non resident alien wife direct wire transfers ,000 of her non-US foreign company income) to American husband's checking account so he can pay off a car loan. He saves all documentation regarding the transfer, source of money and loan payoff.
Any reporting requirements or any future tax consequences?
- Prior to her immigration, non resident alien wife direct wire transfers the balance of her savings and foreign job severance pay from her foreign bank account to her husband's account. The amount is 0,000 of foreign earned income. Her name cannot be added to the bank account until after her arrival and she obtains a Social Security number.
Would she be better off leaving the entire balance in her foreign bank account and using an ATM card here in the US to make withdrawals as needed? What would happen once she is in the US and wants to use an ATM card to make periodic withdrawals of the money if it is transferred to a domestic account? Future tax consequences? Reporting requirements?
- Man takes out a ,000 auto loan to purchase a vehicle. Several years later he finishes paying off the loan with the total payoff totaling about ,000 including interest. He then sells the vehicle, receiving a cashiers or personal check for ,000, which is the exact blue book value.
When he deposits the 20K in his bank account, will this be reported to the IRS under the Currency Reporting Act? Can the sale of the vehicle be reported on his 2008 Form 1040 as a depreciation write-off? Other future consequences or reporting requirements?
Thanks in advance from any experienced CPAs or tax experts.