Tax on bank transfers

[Niwedita Jaysawal]

Posted by WilliamJ

I am thinking about retireing to Costa Rica or Panama. I spoke with my bank and they said transferring a large sum of money down to either country was no problem. Then when I was talking to my friend, he said I will have to pay the IRS a tax on that transfer. I can not find anything about that and I called the IRS and the voice mail said they do not answer questions any more. Do you know if there is a tax to send money out of the country? This is money I have accumulated from working so I have already paid taxes on the earnings.

[Author]

Posts