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-   -   Tax on foreign money tranfers (https://www.askmehelpdesk.com/showthread.php?t=527731)

  • Nov 20, 2010, 04:56 PM
    slizer
    Tax on foreign money tranfers
    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 ?
  • Nov 21, 2010, 06:07 PM
    AtlantaTaxExpert
    There are NO taxes on foreign money transfers, though you will have to file Form 3520 to reveal the source of the transfer.
  • Nov 22, 2010, 05:40 AM
    MukatA

    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.

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