I was H1B resident alien until 2020, now I'm back to my home country then become NRA for US. However I still have some US bank accounts to receive wire transfer from company account outside of US. I have some questions regarding of those foreign transfer:
1. Do I need to report this money to IRS?
2. Is it considered income or just a gift?
3. Is there a limit of how much money they can send me annually before IRS taxes me?
Thanks for your help.
You'll need to sign in or create an account to connect with an expert.
For income tax purposes, you only need to report income. So, if the transfers don't represent income earned from domestic companies, then you don't need to report them on a US income tax return.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
SoonerWolverine
New Member
remohoson
New Member
Tiffanyplus3
New Member
Alphalpz08
New Member
zenmster
Level 3