Form 3250 [US green card holder. Does IRS Form 3250 need to be filed?]

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TXGuy
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Form 3250 [US green card holder. Does IRS Form 3250 need to be filed?]

Post by TXGuy »

My 80 year old mom got her green card in 2023 and immigrated to the USA. She had several bank accounts in India and filed all required taxes, necessary paperwork like 15CA and 15CB, and transferred money to a US account through wires. Each transaction is more than >100K.

Does she need to file Form 3250? 3250 mainly deals with foreign gifts and transfers of money from trust, not your own money. What is the other paperwork to ensure all required "informational" filing to meet US Tax needs? Has anyone gone through a similar journey?
Thanks in advance.
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LadyGeek
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Re: Form 3250 [US green card holder. Does IRS Form 3250 need to be filed?]

Post by LadyGeek »

This thread is now in the Non-US Investing forum which attracts members with non-US investing experience. I also retitled the thread for clarity.

(Thanks to the member who reported the post and explained what's wrong.)
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typical.investor
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Re: Form 3250 [US green card holder. Does IRS Form 3250 need to be filed?]

Post by typical.investor »

TXGuy wrote: Sun Feb 11, 2024 4:35 pm My 80 year old mom got her green card in 2023 and immigrated to the USA. She had several bank accounts in India and filed all required taxes, necessary paperwork like 15CA and 15CB, and transferred money to a US account through wires. Each transaction is more than >100K.

Does she need to file Form 3250? 3250 mainly deals with foreign gifts and transfers of money from trust, not your own money. What is the other paperwork to ensure all required "informational" filing to meet US Tax needs? Has anyone gone through a similar journey?
Thanks in advance.
I agree with you that 3250 doesn't apply. It would seem you have read through the "Who Must File" instructions and believe she doesn't meet those criteria. That's really the place to look.

As for other forms, does she still have assets in India?

Even if no, I would look at the timing of the asset transfer. Did she have assets overseas during the period was was considered a resident alien? I am not sure if that is first day here or the date the green card was issued, but I suspect it's a moot point and she first came to the US as a permanent resident and then transferred assets.



So look into FACTA.

https://www.irs.gov/businesses/corporat ... ndividuals

1) You will see it points out the 8938 report of Specified Foreign Financial Assets. There is a threshold for filing at the last day of the tax year (which wouldn't apply to assets moved during the year), and also a threshold for assets held at any time of the year. So, for example, if she became a legal alien (green card holder) Jan 10 2024, but didn't move assets until Feb 2024, she may need to file.
https://www.irs.gov/instructions/i8938

2) There is also FACTA which requires reporting of assets like bank accounts if the value reached $10,000 at any time during the calendar year. https://www.fincen.gov/sites/default/fi ... cordSP.pdf

Here is a handy dandy comparison of those requirements https://www.irs.gov/businesses/comparis ... quirements
TedSwippet
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Re: Form 3250 [US green card holder. Does IRS Form 3250 need to be filed?]

Post by TedSwippet »

TXGuy wrote: Sun Feb 11, 2024 4:35 pm My 80 year old mom got her green card in 2023 and immigrated to the USA.
Potentially useful wiki article: US tax pitfalls for a non-US person moving to the US
TXGuy wrote: Sun Feb 11, 2024 4:35 pm Does she need to file Form 3250 3520? [That] mainly deals with foreign gifts and transfers of money from trust, not your own money.
On the facts given, no. She transferred her own money; this is neither a gift nor a bequest.

(For the benefit of other readers, as edited above, the foreign gifts and bequests report is actually form 3520, not 3250.)
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