Transfer money more than USD 10k to country outside USA

[hashg]

I heard there is new finance law or something by IRS, we need to declare all investments/transfers of money more than USD 10k outside USA with IRS.

• I am a non-immigrant worker - H1B. Does it apply to me?
• What is the rule/law all about?
• Why we need to declare?
• Is it taxable? How much would it be?
• Wat is the max I can transfer? it's legally earned, savings money.

Appreciate the response and thanks in advance.

[AFFA]

I wish to inform you that in USA every transaction in which cash of $10,000 is received is required to be reported by business in Form 8300. As you are remitting money abroad therefore this is not your income and cannot be taxed. Further you are paying and not receiving therefore you are not file Form 8300. In wire transfer above $10,000 bank generally notifies Treasury Department but you are allowed to transfer money.

AFF