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

    Jun 30, 2012, 12:03 PM
    Taxes on wire transfer from egypt?
    I am a green card holder. My father is neither a citizen nor a resident of the USA. He has been saving up money for me and sends it to me every 2 or 3 months sometimes over $10,000. The money he sends me, is it taxable? And o I have to register it with the IRS or something?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 30, 2012, 06:24 PM
    You will not owe any taxes on the transfer; neither will your father. However, you probably will have to submit 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!

When do I pay taxes on large wire transfer? [ 7 Answers ]

I'm 25 years old. I will be receiving a one-time $1M transfer into my personal checking account from an escrow company here in the states. This is legitimate income. When do I pay taxes on this? Immediately or do I wait until tax season and claim it as income? Thanks for the help!

Can we transfer 40K from Brazil.. via wire transfer? [ 2 Answers ]

My wife's sister in Brazil needs to send her portion of a property that was sold... can she wire transfer the amount of $40K to her American Bank account... are there anything or conditions that we need to know?

20,000 wire transfer from europe , how to save on paying taxes on it ? [ 2 Answers ]

20,000 wire transfer from europe , how to save on paying taxes on it ?

Taxes on wire transfer in excess of $100K from India to US to self-any taxes? [ 2 Answers ]

My father is an Indian, acquired his green card due to the death of our mother in 2008, and is trying to wind up affairs in India... he wants to transfer his money from an Indian account to a US account. Does he need to declare his Indian income to the IRS, if yes, then above what level? If he...

View more questions Search