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

    Feb 16, 2011, 03:07 PM
    Wiring money from oversea to open a business
    My husband and I have plans to open a restaurant. His brother, who is oversea, will help funding the business by wiring money from his business bank account oversea to our bank account here in the US. What are the tax consequences and filing requirements for wiring it to our personal account vs company account? Also, should this be treated as a loan or gift? The amount would be between 100k - 250k. Thanks
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 9, 2011, 11:39 AM
    There are NO tax consequences, because the United States does NOT impose any type of transfer tax.

    Now, you WILL have to submit Form 3250 to tell the source of the funds, but that is for information purposes only.
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