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Posted by mich_b01 on April 24, 2008, 9:45 pm
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We have a tax client who received a wire transfer of $15,000 from
oversees
to purchase a home in the USA Is the wire transfer considered a gift
or a
taxable event?
========================================= MODERATOR'S COMMENT:
Facts & Circumstances. What was the intent of the transfer?
Why do you think it is not a gift? Is T filing NR?
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Posted by Phil Marti on April 25, 2008, 7:58 am
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"mich_b01" wrote:
> We have a tax client who received a wire transfer of $15,000 from
> oversees
> to purchase a home in the USA Is the wire transfer considered a gift
> or a
> taxable event?
The transfer of cash in itself is never a taxable event to the recipient. I
believe a transfer from overseas in this amount is reportable to Treasury.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Taylor on April 25, 2008, 11:25 am
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> We have a tax client who received a wire transfer of $15,000 from
> oversees
> to purchase a home in the USA Is the wire transfer considered a gift
> or a
> taxable event?
>
I believe if you bring into the country over $10,000, you may have to pay a
customs duty.
> ========================================= MODERATOR'S COMMENT:
> Facts & Circumstances. What was the intent of the transfer?
> Why do you think it is not a gift? Is T filing NR?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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|
Posted by John Levine on April 25, 2008, 12:20 pm
Please log in for more thread options >I believe if you bring into the country over $10,000, you may have to
>pay a customs duty.
Uh, no. Guessing isn't helpful.
A quick look at the CBP web site confirms that if you carry $10,000 or
more in cash or "monetary instruments" you have to file a FinCEN 105
form.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Taylor on April 28, 2008, 2:15 pm
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> >I believe if you bring into the country over $10,000, you may have to
>>pay a customs duty.
>
> Uh, no. Guessing isn't helpful.
>
> A quick look at the CBP web site confirms that if you carry $10,000 or
> more in cash or "monetary instruments" you have to file a FinCEN 105
> form.
The form 105 is used to notify the IRS to see if you must pay a tax, not a
custom duty.
So I was mostly right.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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