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

    Jan 1, 2010, 07:23 PM
    Money wire in USA and tax
    I sold the house in other country and my relative wire into USA.
    Do I need to report, file any form and pay tax on that.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 4, 2010, 01:31 PM
    If the amount of money wired is MORE than $100,000, you will need to file Form 3520. Otherwise, no reporting is required on the wire transfer.

    Now, a U.S. resident must report ALL world-wide income on their annual tax return, so you would report the sale of the house on SChedule D and pay taxes on the profit from the sale in the form of capital gains tax, presumably long-term. If it is long-term, the MOST you will pay is 15%, but more likely 5%, of the profit on the sale.
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!

Foreign money transfer to USA [ 19 Answers ]

I have two questions 1. I inherited $50,000 from property sold in a foreign country country from a non us resident. Are there tax consequences in the US when I transfer the money? Can I carry the money in cash into the US after declaring it. 2. a non US family member and his family...

USA tax return: Married But wife never been to USA: How to do the taxes. [ 4 Answers ]

Hi There, First of all thank you for opening my question. I was in Detroit, USA from Dec,06 till 23rd May,08. I have question about filing 2008 taxes. I have got w2 form. I got married in Nov,08. My wife never been to USA and doesn't have SSN/ITIN as of now. I also didn't go back to USA till...

Foreign money transfer to USA [ 1 Answers ]

I have question about bring to the US: We are going to US and our family included 4 persons( Me, my wife and my 2 daughters which my daughters don't have separated passports and they are avaiable in my wife passport) So let me know we could bring $40,000 to the US for 4 persons or not? ...

USA-India tax treaty: are benefits subject to tax? [ 3 Answers ]

I have worked in the USA for two short stints over the last decade. On both occasions, under the terms of the USA-India tax treaty, I was treated as exempt from payment of taxes in the USA. Now, having reached the age of retirement I am now entitled to withdraw my benefits. My employers had...

Transferring money from Germany to USA [ 1 Answers ]

Hi, I am planning to transfer money from Germany to the USA (~$50k). Mostly to take advantage of the good dollar/Euro exchange rate right now, since I am thinking about buying an apartment/house next year, and I want to exchange at the current rate. The money is mostly coming out of my own...

View more questions Search