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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?
Also do I have to pay tax if my dad from India sends money to me as gift?
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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?
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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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?
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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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?
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.
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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?
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.
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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?
great, thanks!
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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?
It depends on the amount
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