Tax Law (Questions About Taxes)/Foreign Wire Transfers for property purchasing
I am currently a US Non-citizen alien resident from Canada working in the US for the last 5 years. I was looking to purchase some property however I would need to transfer some funds from my Canandian joint account (with my parents however my name is also on the account) to my US Account (roughly between $50k - $100k) on funds.
I was wondering what types of taxes I would be facing since this is towards a potential mortgage.
Any advice would be greatly appreciated.
You would not be facing any taxes on this transfer.
If you were a permanent resident you would need to have those funds disclosed
on the annual Foreign Bank account statements (FBAR).
Working in the U.S. on a temporary visa does not make you a U.S. person responsible for FBAR filing.
However, you may need to explain the details of the foreign bank transaction to the mortgage underwriter to to make sure they approve foreign sourced funds as qualifying for mortgage down payment.
Hope this helps.