Colombia/House for sale


after i close the deal on my house ,its posible to transfer the funds to US,total amount of sale u$s 100.000.00.thank you .

Dear Mr. Errico:

I am not a lawyer and I am just giving you my personal opinion:

Yes. You could do a wire transfer between banks and use other means to transfer the money.

They will ask you for documentation about the source of the money. Some people who are in a similar situation transfer amounts in chunks that are less than 10 thousand each so that they would not have to fill out a form that is required when the amounts are 10 thousand or more. If a bank sees frequent transfers of large amounts of money they could become suspicious and report the person to the IRS for the case of the US and to a government agency in Colombia too. You could ask a branch manager what to do. He might tell you to transfer it all and fill out a form that explains the source of the money: the sale of the house. The sale of a house is a good source of large amounts of money, but you will have the documentation that shows that the transaction occurred. The US government might want to tax that money even when the source comes from another country because the US taxes its citizens when they make money anywhere in the world (income that exceeds certain levels).

One problem you could encounter is that if they find out that you were transferring money under 10 thousand to avoid the reporting they might not like that and question you about the source of that money, but it is your choice how much to transfer each time and how often.

You can fly with chunks of less than 10 thousand, but you will be at risk for a robbery. It is very risky to carry that much money.

Best wishes,



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