tranferring large sum of cash from Europe to US
Hypothetical inquiry, Terry. I have a substantial number of entries in a charity raffle supporting amateur athletics in Ireland. the winning prize is 250,000 euros. (about $288,000) the winnings are tax free to me since I have an Irish passport (Dual citizen) I’m not worried about US tax obligations since it’s found money if I win. but if I did win, what would be the best way to transfer the funds to my US bank account.
Terry Says
Oops, this is a little out of my territory. You need some sophisticated tax advice. And here’s where to find it: www.TaxesforExpats.com
Yes, I know you’re not an expat — but these are sophisticated international tax attorneys. One thing to keep in mind: If you’re a U.S. Citizen and have an “offshore” bank account, you must file something called FBAR every year — the Foreign Bank Account Report.
And I’m not so sure that your dual citizenship would protect you from US taxes if you do happen to win. Read this: https://www.maksreznik.com/en-US/guides/offshore-gambling-taxes/ I believe offshore gaming winnings are taxable to U.S Citizens!
Again, don’t take my word for it — get good legal advice. And good luck on winning!
