- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@Ice888 money transfers between NRAs, even if into accounts owned and operated by NRA does not come under the aegis of US tax laws. However, the US sourced income ( i.e. growth of the investment ) is taxable income to the NRA ( assuming the person does have a Tax ID ). The transfer into an US account ( whether owned by a US person ( citizen/GreenCard/ Resident for Tax Purposes ) will result in SAR ( Suspicious Activity Report ) as a matter of course.
There is no 3520 or Gift Tax form required.
Is there more I can do for you ?
‎October 2, 2024
11:35 AM
22,059 Views