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    raslebol's Avatar
    raslebol Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Nov 5, 2013, 08:06 PM
    Is sending money abroad exempt of taxes?
    I am a US citizen. I want to send around $25K to my family in Europe. Do I get a break in US taxes?
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    Nov 5, 2013, 08:13 PM
    If you made the money here then your going to be required to pay the taxes here. If your just transfering money that you had already and have paid taxes on it there is no tax on the outgoing money.
    raslebol's Avatar
    raslebol Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Nov 5, 2013, 08:19 PM
    Quote Originally Posted by cdad View Post
    If you made the money here then your going to be required to pay the taxes here. If your just transfering money that you had already and have paid taxes on it there is no tax on the outgoing money.
    Thanks. But what about a BREAK - or discount - on US taxes?
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #4

    Nov 5, 2013, 08:26 PM
    Quote Originally Posted by raslebol View Post
    Thanks. But what about a BREAK - or discount - on US taxes?
    No, there is no break nor deduction you can take off your personal gross that can lead to less taxation by sending money out of the country.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Nov 7, 2013, 09:13 AM
    All advice given is accurate. Note that if regularly transfer money overseas in substantial amounts, you may be asked to explain the details to the IRA.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #6

    Nov 7, 2013, 09:23 AM
    Just to clarify, essentially this is a gift. Unless the gift is to a recognized charity, there is no tax break for the giver.
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