I'm retired and receive a monthly Social Security (SSA) benefit plus a lifetime company pension. My plan is to live 6 months in the Philippines and 6 months in the U.S. (I have a house in a rural area with 2 bedrooms and 1 bathroom, and I recently remodeled it). While I'm in the Philippines, I want to buy an SUV locally to drive. Because of the SUV, I need to send around $30,000 to $40,000 through a bank-to-bank transfer. I've heard the IRS requires reporting to them if more than $10,000 is deposited at a bank... Is that right? What should I do, or do I really have to report it? If I do need to report it, what form should I use? Thanks in advance for your advice... God bless...! 👍🏻
I wired $26,000 directly to the dealer through my credit union. You're misreading the rules. Banks automatically report large transactions on their own, and since this is a legitimate purpose, there's nothing to worry about at all. Go ahead and buy it! And it's good that you're asking questions, but in this case there's no problem.
If you're buying a new car at a dealership, just pay with a credit card. That's what I did.
Don't do that. Take $10,000 in cash and wire it in several installments of $9,900 (just under $10,000) over a few months. And here's a tip: I saved 700,000 pesos by buying a repo car. Search for "East West Bank Repo." My truck was a 2023 Mitsubishi Strada with 9,000 km on it, the leather still smelled like a new car, and the tread on the tires was still intact.. lol.. The same "Athlete" model new car was 1.7 million pesos at the dealership in early 2024. I bid 1.02 million pesos and won it.. There are tons of listings like this.. SUVs even more. I bought mine in Davao, but Cebu and Manila are the same. Just be careful to avoid flood-damaged cars.. Anyway.. good luck, friend!
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