I may need to transfer a substantial sum of money (worth more than 10K in US dollars) from Israel to US. With this, I have these questions questions:
- I know IRS is notified on any large transfers. Would I need to provide them some documentation so they won't want to tax me on this money? It is not income, it is savings earned years ago and kept in foreign account, but I have no idea what they may want as a proof.
- What would be the best way to do it - provided that both currency conversion and international transfer is involved? I could probably wire it but they might charge too many fees on both ends and on conversion, maybe there's a better way?