Ask Experts Questions for FREE Help !
Ask
    mp8470's Avatar
    mp8470 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 6, 2010, 08:46 AM
    IRS laws on money tranfer taxes
    My sister in england wants to lend me money to buy a house in this country.
    What the tax implications regarding this matter?
    And also what is the best way(s) to transfer the money from england?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 6, 2010, 01:21 PM
    There are NO tax implications.

    You WILL need to report the transfer using Form 3520, but that is done to simply track the money. No tax will be due.
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!

IRS rules for transfer money [ 1 Answers ]

Hi, I have a few questions regarding my concerns. I have a debt on 2 credit cards($4200 and $8600) and I want to be debt free this year so I can start improving my credit score. Luckily, I tried to save a debt for one credit card($4200) since it has a high interest rate and pay the whole...

Ovearseas money tranfer for education [ 6 Answers ]

Let me know if I can get money transferred to my bank account from my sister overseas. I want to get transferred the money for education here in US.Is there any limit if the amount is 25k-40k .Will either of us have to pay tax on this amount ?

To reduce the money I owe the IRS [ 2 Answers ]

Hello, For the year 2008, me and my wife made a combined wage of 162,000 (I made 85,000 and my wife made 77,000). Our combined salary falls in the 28% tax category and I just found (through TaxActonline.com) out that I owe IRS around 8000$ (since I opted to pay less taxes on my regular paycheck)....

Tax on money tranfer from abroad [ 1 Answers ]

I retired from my job abroad before moving to the US and becoming a US legal resident (green card). My retirement pay is now up to 35K. I have asked my sister to transfer it here to my bank in the US. What must I do with regard to the IRS? Thank you.

View more questions Search