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

    Jul 4, 2013, 03:31 PM
    I'm receiving money from out side the country is it taxable
    If I want to do service business to buy cars for my customers in over seas ,and they wire the money to my bank account to buy the cars for them ( since they pay me my fees $150 for the service ) is the cars money taxable or just my fees ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jul 4, 2013, 03:59 PM
    Just your fees are taxable for income taxes, but for sales or ad valorum tax, the car money is taxable
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #3

    Jul 4, 2013, 03:59 PM
    This is a business, so you report all income, ( prices of cars) and then show what you pay for the cars as an expense.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #4

    Jul 4, 2013, 04:11 PM
    Fr Chuck's way is actually the correct way to account for the cash flow.

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