BRINGING MONEY FROM ANOTHER COUNTRY TO PURCHASE A HOUSE HERE?
If a large volume of income similar to 40-50k is brought here from a unfamiliar country, and a little wants to make make use of of it to buy a residence will they be taxes by IRS? I know there is a price to send the income here, but should the IRS taxation these income given it will be make make use of of for a residence purchase.
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Tags: Another, Bringing, Country, from, Here, House, money, Purchase
October 27th, 2009 at 3:39 am
Whose money is this?
Yours? Non issue as you would have been reporting the bank account(s) every year on the form TD F 90-22.1.
A gift from mom and dad? Non-issue. You file an IRS form 3520.
PS “It’s someone who sold a property there back in may and ” –if that someone is a us person (either US citizen or resident alien for tax purposes), then they a) have to report the sale on their US tax return (use form 1116 for a tax credit on taxes already paid) and report the bank account to the treasury department next June.
October 27th, 2009 at 4:15 am
If you bring money in from another country, it would not be taxable to the recipient .The earnings from that money earned in the US will be.