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

    Dec 14, 2008, 08:05 PM
    Taxes on money transferred from a foreign country to USA
    I am a student on F1 visa studying in Ohio. I am scheduled to get 25000$ wire transferred from a foreign country. Will this amount be taxable when it lands in USA?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Dec 15, 2008, 04:07 AM

    No, it is not taxable in the U.S. if it is gift, loan or your own money.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Dec 15, 2008, 11:57 AM
    What MukatA says is true, but the wiring of that amount of money WILL require that you fill out some paperwork at the bank to properly identify the source of the money.
    hamlet004's Avatar
    hamlet004 Posts: 9, Reputation: 1
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    #4

    Jun 16, 2010, 02:11 PM

    How would you prove that it is in fact a gift or loan?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Jun 17, 2010, 10:37 AM
    By showing the original source of the money (to prove the gift), or by showing a promissary note (to prove the loan).
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