New Immigrant Funds

[alissar]

Dears;

I have been trying to find answers on the web to tax related questions but it seems very difficult specially that each case is totally different than the other.

I have just received my immigration visa and should be moving to the US in 40 days. I need to transfer my life time savings to the US before I make the move (around 100k USD). unfortunately I do not have a bank account in USA.

My brother lives in the US and I can transfer the whole amount to his bank account but my brother is not a citizen, nor a green card holder. he is a student doing his masters and has a work permit as well as a security number and pays tax on his income.

1- If I transfer my lifetime savings to my brother, will there be any tax deductions?
2- if yes, what is the deduction rate?
3- How to describe the reasons for transfer on the transfer documents? some people advised me to describe it as a loan.

Thanks a million for your support
all the best
Alissar

 

[del0175]

There is no reason to transfer funds to anyone but yourself because it will complicate the transaction, create complex tax scenarios, and maybe even put him in trouble. The best thing to do is to wait to arrive in the US, open a bank account here, and then instruct your bank in your home country to initiate a transfer. If you arrive legally in the US, opening a bank account takes only 10 minutes and can be accomplished on the same day that you arrive (unless you are staying in a hotel, you can use a friend's address as your mailing address). Alternatively, wait to finalizing your living arrangements and then open a bank account. For the time being, you can bring up to $10,000 per family member legally and can live with those.