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    slizer's Avatar
    slizer Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Nov 20, 2010, 04:56 PM
    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 ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    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.
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