View Full Version : Tax on foreign money tranfers
slizer
Nov 20, 2010, 04:56 PM
My friend made a business deal in DUBAI ( UNITED EMIERITS ) , Wants to send me 200k into my bank account.
Do I need to pay taxes on this money ?
AtlantaTaxExpert
Nov 21, 2010, 06:07 PM
There are NO taxes on foreign money transfers, though you will have to file Form 3520 to reveal the source of the transfer.
MukatA
Nov 22, 2010, 05:40 AM
Why does your friend want to give you $200k? If it is compensation for your services, it is income to be reported on your tax return.
If it is a gift, you need to file Form 3520.