Hi everyone, as the title says I could really use some advice. My specific questions are as follows.
Transfer related:
1. What's the best way to transfer the funds (1M) to my US account. I think, I'll get them transferred to my BoA account. I think I just need to provide my SWIFT code and the usual bank routing info?
2. I know FDIC only insures up to 250k per account but I'm thinking I'll move the money around after I receive it, it's a small window of risk but hopefully BoA (and I have Chase too) isn't going to default soon.
3. I understand I have to file form 3520 with the IRS but since I've already filed taxes for 2019 I'll file it with my 2020 return? I also understand there's no taxes in the US.
4. Should I classify it as inheritance or gift? does it matter? Because while it was my late parent's wish for me to own these assets there was nothing official.
Investment related:
Basically with this and my current savings/investments I've hit my FIRE number now and I'm very grateful.
1. I owe $250k on my primary home's mortgage. Even though I'm not crazy about the location but I'm thinking about paying it off. I've been here for a while, banks aren't giving you anything these days to park the money at least I'll save on the interest. My mortgage rate is 3.75%. Another option is to try to buy a new house and sell this one. I could rent it out until the market picks up (from the Covid19 slow down). Just the moving is a pain. My long term plan was to move out of state and own a piece of property with 5 acres but I can't do that until my HS kid is either off to college or finishes college.
2. Along with that I was thinking transfer half of it (500k) to my vanguard account and start dollar cost averaging and keep the rest in cash.
3. My job situation is a bit shaky as people in my dept are getting laid off. I'm late 40s btw. I don't think I'm mentally ready to hang it up just yet but if that happens I guess that'll be that because in this economic climate don't think the next job will come easy.
Would appreciate any input/feedback/advice.
Transfer related:
1. What's the best way to transfer the funds (1M) to my US account. I think, I'll get them transferred to my BoA account. I think I just need to provide my SWIFT code and the usual bank routing info?
2. I know FDIC only insures up to 250k per account but I'm thinking I'll move the money around after I receive it, it's a small window of risk but hopefully BoA (and I have Chase too) isn't going to default soon.
3. I understand I have to file form 3520 with the IRS but since I've already filed taxes for 2019 I'll file it with my 2020 return? I also understand there's no taxes in the US.
4. Should I classify it as inheritance or gift? does it matter? Because while it was my late parent's wish for me to own these assets there was nothing official.
Investment related:
Basically with this and my current savings/investments I've hit my FIRE number now and I'm very grateful.
1. I owe $250k on my primary home's mortgage. Even though I'm not crazy about the location but I'm thinking about paying it off. I've been here for a while, banks aren't giving you anything these days to park the money at least I'll save on the interest. My mortgage rate is 3.75%. Another option is to try to buy a new house and sell this one. I could rent it out until the market picks up (from the Covid19 slow down). Just the moving is a pain. My long term plan was to move out of state and own a piece of property with 5 acres but I can't do that until my HS kid is either off to college or finishes college.
2. Along with that I was thinking transfer half of it (500k) to my vanguard account and start dollar cost averaging and keep the rest in cash.
3. My job situation is a bit shaky as people in my dept are getting laid off. I'm late 40s btw. I don't think I'm mentally ready to hang it up just yet but if that happens I guess that'll be that because in this economic climate don't think the next job will come easy.
Would appreciate any input/feedback/advice.
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