Ask Experts Questions for FREE Help !
Ask
    ramo561's Avatar
    ramo561 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 31, 2009, 05:19 AM
    Tax on money transferred into us
    Im living in the USA and plan to receive a money transfer of over 100k from my parents overseas. Do I have to report transaction and will I owe taxes on money and if so how much,
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #2

    Dec 31, 2009, 05:52 AM

    There won't be tax on the money from overseas, but on large amounts your bank may want to know where it came from, which is understandable.

    Tick
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Dec 31, 2009, 10:06 AM
    You will need to file Form 3520 to report the transfer.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Dec 31, 2009, 10:54 AM

    The receiver of gift does not pay any taxes even when the gift is from foreign sources. If the gift from foreign sources exceed $100,000 you must file Form 3520.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I transferred [ 4 Answers ]

Hi, really don't know where to start but I do my best to keep it short... I had been dating this girl for 3 months and we went to africa together and other parts of the world and now she has ask me for a large sum of cash due to financial problems she and her family is experiencing so I decide to...

OPT Studentqith tax query! Forms?Tax Status?stimulus money? [ 1 Answers ]

Hi: I entered US in Aug 2006 and graduated in May 2008 with my masters degree. I am on OPT since July 2008- July 2009. Which form should I fill for taxes? Am I a NON- Resident for Tax purpose? Can I get education credits and stimulus money? Thanks Janki

How do I get my probasion transferred [ 3 Answers ]

How do I get my Probasion tranfered from IL to MI

My Company transferred me and I need to break my lease! [ 5 Answers ]

HI and thank you for your concern: I am a personal banker at a global bank in New Jersey. I was transferred against my will. It was either be transferred or as the bank calls it get "served a severance package". As we all know this means take the transfer or leave the company! I am in a...

View more questions Search