Hi, do I have to pay tax on money wire transferred from abroad if I have proof that this money was transferred by me from US bank to Foreign bank?

l543123 · ‎May 31, 2019

Also do I have to pay tax if my dad from India sends money to me as gift?

bine22 · ‎May 31, 2019

There is no tax on the transfer per se. But a citizen&permanent resident&resident alien has to report worldwide income, so if you earned that money before transferring, the earning would be taxable.

A gift is not taxable to you.

Depending on the amount and the origin you might have to file form 3520 https://www.irs.gov/uac/about-form-3520

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l543123 · ‎May 31, 2019

Thanks for the reply. But if this income is my own salary money which I transferred abroad and getting it back now. Is that still taxable? Kind of like double taxed? For example I earned $10000 salary and already paid tax. Transferred this money to Indian rupees. After a year, getting it back in US$. Do I have to pay tax on the $10000 again.

bine22 · ‎May 31, 2019

If you already paid taxes on your income in the US then you do not need to again. You pay taxes on your income the year earned.

l543123 · ‎May 31, 2019

great, thanks!

peachlips16 · ‎May 31, 2019

It depends on the amount

Hi, do I have to pay tax on money wire transferred from abroad if I have proof that this money was transferred by me from US bank to Foreign bank?

Deductions & credits

Deductions & credits

Deductions & credits

Deductions & credits

Deductions & credits