I have approximately $5K in income I plan to remit to Japan each month. The income is used purely for living expenses.
What would be the tax implications if I remit the income directly to my Japanese spouse’s bank account to pay for our living expenses? In addition I’m bringing over approximately $150K and I would like to put into my wife’s bank account also to pay future expenses as necessary. It will NOT be used to buy a home or as investment income, but will be used strictly to supplement our remitted income.
I would like to put the money into her account to avoid completing the FBAR every year, I realize it’s not a difficult form to fill out but I feel it’s too much U.S. government intrusion on my life and want to avoid that intrusion by avoiding having my own personal account exceeding the $10K limit.
My wife will be renouncing her U.S. residency immediately after moving to Japan and will likely have to report the account the first year. In addition I will not have signatory authorization on her account.
by ForeverFlashy5637