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npvadvisor
npvadvisor,
Category: US Tax
Satisfied Customers: 27264
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Thanks for your help. I have recently started a new company.

Customer Question

Hello there
Thanks for your help.
I have recently started a new company. I have opened a bank account for this company in a Transferwise (Wise) business bank account. I have deposited the correct amount into the American account.
My question is. Will Wise be recognised as a appropriate bank account to pay this money into to initially buy my shares (or do I need a bank with a physical location in the USA). In other words when it comes to taxes on selling my vested shares in the future will my deposit into Wise be recognised as a legitimate purchase of my vested shares?
P.S. (All shares are fully vested as of the date of grant)
Submitted: 5 months ago.
Category: US Tax
Expert:  npvadvisor replied 5 months ago.

Hi. My name's Lane. … Welcome to JUSTANSWER.COM … Thanks so much for using us!

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  • I hold a Law Degree, a BBA, an MBA (Finance Specialization), and CFP & CRPS designations as well
  • I've been providing tax, corporate law & accounting, financial, and Social Security advice to clients on three continents since 1986.

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(By the way, please understand that any phone consult offers come from the website automatically … not from me personally … These automated offers WILL stop.)

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Please bear with me JUST a moment, while I finish up with other customers, read your question, and write up your answer.

Expert:  npvadvisor replied 5 months ago.

Taxation follows ownership. What will matter when you sell the shares is your sales price and your basis (here, your capital contribution)

If the account is registered to the business (if the business owns the account) where that bank is physically located is irrelevant.

Expert:  npvadvisor replied 5 months ago.

I hope that this has helped

If you need clarification on this, let me know.

(I’d be glad to come back and explain further.)

Otherwise, thanks so much for using us today!

Lane

Customer: replied 5 months ago.
That's very helpful thank you for your time
Expert:  npvadvisor replied 5 months ago.

You're very welcome.

Enjoy your holiday!

Lane