Ask Experts Questions for FREE Help !
Ask
    donnm53's Avatar
    donnm53 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 22, 2014, 02:10 PM
    Transfer of money from us to foreign country
    I have a friend that has a farm in the US. He wants to get funds to the foreign country where he lives. He is thinking of taking out a loan against the farm and transferring that money to his foreign residence to use to invest there. Are there any tax consequences?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Sep 22, 2014, 07:30 PM
    Not on the U.S. side of the equation. Money from a loan is NOT a taxable event.

    Now, transferring the money may generate a transfer tax in his home country, but no taxes will be due in the United States.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Money transfer from foreign country to U.S. account [ 16 Answers ]

I have an acquaintance that lives overseas. Her husband has passed away she has been identified as next of kin on a stock certificate that he held issued by the patronas oil company worth $120,000,000.00 to be issued by Asian Finance Bank BHD Malaysia She has asked me to have this money transferred...

Transfer my money from a foreign country to US [ 9 Answers ]

I recently sold a house in a foreign country and paid local taxes on this transaction. I would like to transfer this money from my bank account in the foreign country to my US bank account. What are my legal obligations? Are there any forms I need to file? Will I need to pay US tax on this money?...

Money transfer from foreign country to US [ 3 Answers ]

Hi, my dad is in foreign country and he would like to wire the money to me to buy a house. Can he wire the money to my account for purchasing a house? Will I be asked where and how the money com form? Can you please give me some advice? Thank you so much.

How do I transfer money from a foreign country [ 1 Answers ]

1. I am about to receive a gift for my two sons (2) and 5 yrs old, $50,000 each but the money is in a foreign Country. How should my relative transfer the funds, in increments less than $10,000? 2. Will they need to file and income tax return? Any other suggestions will be greatly...

View more questions Search