Punisauce
Nov 11, 2011, 05:09 AM
Wire transfer money from Brazil to buy a home for my mother who is a permanent resident.. I am an American citizen
AtlantaTaxExpert
Nov 11, 2011, 06:29 AM
There is no transfer taxes in the U.S.
If the money exceeds $100,000, Form 3520 must be filed to identify the source of the income, but if it is an internal transfer (your or your Brazilian bank to a U.S. bank owned by you or your mother), then no other taxes will be due.
Assume you and/or your mother are filing the annual FBAR requirement to report that Brazilian bank account to the IRS? Also assume you or your mother are paying income taxes on the interest earned in the Brazilian bank account?