Well, if it's a money you have cash, then of course there's no tax liability for transferring it between your accounts. BUT - that's exactly money laundering. For $10K noone will care, but half a million might get someone in the Treasury raising an eye-brow and thinking "hmmm..... Let's see where did this money come from". If that happens you'll get into a lot of troubles. If you just had money lying around in a foreign bank account - you should have declared it (FBAR, form TD F 90-22.1, see here), and on schedule B of your 1040. Failure to file the FBAR is punishable and is a criminal offense. If, on the other hand, you didn't have that money and it "magically" appeared - then it is income, and you have to pay taxes.
So, for the transfer itself your bank will probably be required to file form 104 (see here). That form might (or might not) trigger additional investigation. The result of that investigation might get you in troubles if you don't have a professional guiding you at every step of the way (starting with whether or not you have a liability from the sale, to begin with). I'm certainly not such a professional, and you won't get a reliable and professional advice on the internet forums for free. By having a paid professional guiding you, you may also have the protection of the professional's malpractice insurance and legal defense in case of prosecution. If you make a mistake because of the guidance of a licensed professional that works for you for a fee - you may not have liability, but if you do something just because "littleadv" or "PRAHA" on the Internet told you so - then the problem is all yours, not mine.
Take that into account, and see if the potential troubles worth the $200 savings for you.
Last edited by a moderator:
