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Subject Author Date
Wire Transfer for home purchase mich_b01 04-24-2008
Posted by Han on April 25, 2008, 9:19 pm
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 c4b37359167d@i36g2000prf.googlegroups.com:

> If the $15k was a transfer of funds from an overseas account owned by
> the tax client to his US account, it would not be taxable.
>

In this case there may be capital gains taxes due to exchange rate change
between acquiring the funds in the UK and transferring them to the US.

--
Best regards
Han
email address is invalid

--
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Posted by Atticus on April 29, 2008, 12:46 pm
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 It wouid be a gift to the client unless he sold something or if it was in
exchange for services he performed for the sender.


> 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?

--
<< ------------------------------------------------------- >>
<< 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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