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Thank you again @DaveF1006!
Question: I am a US resident living in Colorado. I have an opportunity to be a 1099 contractor to a company based out of Singapore, but with bank accounts in Hong Kong. I would be paid as a contractor here in the US by way of bi-weekly wire transfers from Hong Kong (currently part of the People Republic of China). What tax or legal considerations should I be aware of under this arrangement?
the income would be taxable in the US and you would file schedule C. you would also owe self-employment tax on the net income. it would seem you have no control over the foreign account your payments would be made from so you would have no foreign account reporting.
to avoid penalties for underpayment of your estimated taxes you would need to start making estimated tax payments.
Hi Dave
What happens if I receive $200,000 into my personal US bank from my foreign parents from another country, as a gift?
I am married filing jointly, so are we still in the $100,000 limit as per individual?
Thank you
@DoninGA How about the amount is $95000? shall I have to report?
How do this threshold of $100000 count? Is that for one person or that is the total amount from different person?
How about it is from mother and father?
All person here are non -usa taxpayer.
Thanks
@danilol wrote:
@DoninGA How about the amount is $95000? shall I have to report?
How do this threshold of $100000 count? Is that for one person or that is the total amount from different person?
How about it is from mother and father?
All person here are non -usa taxpayer.
Thanks
If you received $95,000 from a foreign person that would not have to be reported on a Form 3520.
You can receive $100,000 or less from your father and $100,000 or less from your mother you would not have to report those monies received on a Form 3520.
The requirement being it must be from an Individual Foreign person in an amount of $100,000 or less. More than $100,000 from one individual it must be reported on a 3520.
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