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    saud3001's Avatar
    saud3001 Posts: 1, Reputation: 1
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    #1

    Oct 10, 2011, 11:49 AM
    Tax calculation on large amount of money sent from India as wire transfer.
    Hello,

    I am a new immigrant into the US. I currently own some property in India (where I originally belong to) which when sold would accumulate a net worth of USD150,000. I plan on using this amount to purchase a house in USA for my own residence. Also, my father wants to send me USD 300,000 as gift money.

    My questions are:
    1) What would be my tax situation in USA when I get the money here in my account through wire transfer?
    2) If my father/relative sends me the money to me as gift through wire transfer from his acoount in india, how much will it be taxed in USA?

    Looking forward to valuable replies in this regard.

    Thank You
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Oct 10, 2011, 12:03 PM
    1. There is no tax on wire transfers, but you may have a capital gain to report. Assuming you are a US resident you would pay capital gains on the profit of the sale of the house in India. Figure about 20% of the difference between the proceeds from the sale and your tax cost basis.

    2. There is no tax on receipt of gifts.
    wlee123's Avatar
    wlee123 Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Nov 8, 2011, 02:57 AM
    Elaine's... Are you a tax lawyer or CPA? How can I contact you for getting more possible advise? Thx.
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