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-   -   Taxes on money transferred from a foreign country to USA (https://www.askmehelpdesk.com/showthread.php?t=292194)

  • Dec 14, 2008, 08:05 PM
    simplequery
    Taxes on money transferred from a foreign country to USA
    I am a student on F1 visa studying in Ohio. I am scheduled to get 25000$ wire transferred from a foreign country. Will this amount be taxable when it lands in USA?
  • Dec 15, 2008, 04:07 AM
    MukatA

    No, it is not taxable in the U.S. if it is gift, loan or your own money.
  • Dec 15, 2008, 11:57 AM
    AtlantaTaxExpert
    What MukatA says is true, but the wiring of that amount of money WILL require that you fill out some paperwork at the bank to properly identify the source of the money.
  • Jun 16, 2010, 02:11 PM
    hamlet004

    How would you prove that it is in fact a gift or loan?
  • Jun 17, 2010, 10:37 AM
    AtlantaTaxExpert
    By showing the original source of the money (to prove the gift), or by showing a promissary note (to prove the loan).

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