Wiring $462,000 from the Philippines to my bank of america acct. here in the states.?

Question

I opened a Bank of America acct. 4 months ago. I am a Filipino Citizen. I am not a green card holder. I was granted an Investor's Visa because I will be buying a house in California. This has nothing to do with Immigration. I have no plans of migrating. My question is. Will I have problems if I wire $462,000 from my Philippines bank acct. into my bank of America acct.? Will there be taxes to pay or is there a chance that my money will be put on hold? i am paying for the house in full so I need the money to be wired here. I know how to wire money but I have only wired up to $5,000.00 MAX. I am scared that the IRS might go after me thinking that the money will be used on terrorism or something and I do not have the time to prove to them that it is for a house. Please I need serious answers only. Please Help. Thank you. Guaranteed 10points to best SERIOUS answer. Thank you and God Bless.

Answer 1

You should be able to do it without much problem, I'd definately go to your local bank to doublecheck. The IRS can't track you down if you don't pay taxes. The Western Union could also work to transfer your funds.

Answer 2

There will certainly be a hold on that kind of money and possibly a fee (I'm not familiar with B of A's fees as I bank elsewhere). You will more than likely be scrutinized by various government agencies because that is a huge deposit to have in one lump sum.  However, it's not illegal to bring money to the U.S. and because you didn't earn it here, I do not believe the IRS can tax it for any reason.  I'm not a tax attorney, so you may want to check with one, since you are worried that you don't have time for the money to be held up.  I highly recommend you seek the advice of a tax attorney-- it could well be worth it for you in the long run if there's a way to do this that's better (and cheaper) than another way.

Answer 3

If you wire your funds you shouldn't be taxed.  You would only get taxed for the dividends you earn on that money while it's in your US account.  The only other thing you might have to worry about is fees from either your recieving or sending bank.

As far as funds being put on hold, that WILL NOT be a problem.  Funds are only put on hold when they aren't guaranteed and the bank has to make sure they're going to get the money, such as with checks.  Since your money is coming through electronically there's no doubt that the funds are guaranteed.