Taxes on wire transfer in excess of $100K from India to US to self-any taxes?
Asked Dec 31, 2009, 10:30 AM
My father is an Indian, acquired his green card due to the death of our mother in 2008, and is trying to wind up affairs in India... he wants to transfer his money from an Indian account to a US account. Does he need to declare his Indian income to the IRS, if yes, then above what level?
If he makes a wire transfer from his account in India to his account in the US in excess of $100K does he owe taxes to the Indian govt and the IRS, or just the difference? Say, his tax owed to the Indian govt were $12,000 and what he owed in the US were $15,000, would he then owe $12,000 and $3,000 respectively?