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    hrm07's Avatar
    hrm07 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 2, 2013, 02:04 PM
    International money transfers/ tax
    I am a Green Card holder, and currently live in the US. I would like to loan some money (just under $30K of money that I have already paid taxes on here in the US) to my dad who lives outside the US, and he is neither a US citizen nor Green Card holder. My dad will then send me back the same amount of money (i.e. no interest) a few months later after his liquidity situation resolves.

    My questions:

    1- Can I send the full amount in one go? Are there limits on international wire transfers? Are there tax implications of transferring that amount outside the US?
    2- When my dad sends me back the money, will I be taxed on it? Any issues I should be aware of?

    Thanks!
    H
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 2, 2013, 02:27 PM
    1) Yes, you can send the full amount.

    2) There are NO transfer taxes for either sending or receiving $30K (or any other amount), and $30K is below the threshold for reporting the transfer using Form 3520, wwhich has a $100K reporting threshold.
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