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

    Dec 31, 2010, 02:25 PM
    Do I have to pay tax for the money I send from the US to parents in Korea?
    My parents in South Korea need money to buy a place to live, and I want to send my savings to help them out financially. I am concerend whether I have to pay tax to INS for the money I am sending from the US.
    Thanks!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 31, 2010, 02:44 PM
    There is NO transfer tax on the part of the United States, though South Korea may have one.

    The INS will only question the source on the money; if you have been paying taxes on the savings, the source will be obvious.
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