Solved: I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

 Should I put some documents in place ?should I make a contract ?should I create   a loan doc or something like that ?what documentation should I ask for in order to not be held accountable for that? 

1 Best answer

Accepted Solutions
Highlighted
Level 15

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

 The relevant tax laws are these: 

1. If you receive a gift from a foreign person of more than $100,000 you must file a report. No tax is owed on legitimate gifts.

2.  If you receive a gift of more than $14,000 from a foreign business or corporation, you must file a report. No tax is owed on legitimate gifts. 

3.  If you pay a gift of more than $14,000 per person per year, you must file a report. No tax is owed when you give a gift, unless your lifetime total of gifts is more than $5 million. 

4.  You must report all business income regardless of the source. If this was a business transaction in which you were providing a service, such as holding money and making payments for someone else, then you have business income. You would report the entire amount received as your gross income, you would report the fees and any other expenses as your business expenses, including money that was paid back to the original person. Anything that you kept for your services would be taxed as self-employment income.

5.  If, on the other hand, this was a scam, then you may have a deductible theft loss.   While we don't know the full circumstances of the transaction, one common scam is for a  foreign person to make a large deposit into your account, from which you pay "fees" and "taxes". However the foreign deposit never clears because it is from a fake or closed account and is eventually removed from your bank account, leaving you with negative money. The amount of negative money represents the "fees" that were stolen by the scammer and you may have a deductible theft loss. 

 However, we cannot give legal advice, and there are certainly elements of this transaction that appear suspicious, and might look like money laundering to the IRS or other authorities. You may want to consult a tax attorney to really understand your position here. 

*Answers are correct to the best of my ability but do not constitute legal or tax advice.*
**If a post answers your question, choose it by clicking on "Mark as Best Answer".**

View solution in original post

17 Replies
Highlighted
Level 15

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

$80,000 or $8,000?  Eight thousand or Eighty thousand?
Highlighted
Level 12

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

received FOR someone?   For what?  From whom?  How did you receive it?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
Highlighted
Level 15
Level 15

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

What are you supposed to do with the money? Is it already in your bank account? This sounds like a scam. Don't touch the money for a month. The deposit may turn out to be bogus, and the bank will take the money back. If you have already taken it out of your account when they find out the deposit was no good, the bank will come after you for the money.
Highlighted
New Member

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

80k and it was in my bank and the person asked me to pay all his fees with my account now the funds are gone but I don't know if and how I should say that was for
Highlighted
Level 15

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

What fees did you pay?  How long ago was this?  Did the initial deposit clear?  If the 80k deposit was fake you will have a big problem.
Highlighted
Level 15

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

Oh I just noticed your username xport LLC.  Is this a business transaction?  If you received it as income and you can deduct the fees it might be a wash and only the profit is taxable.
Highlighted
New Member

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

Hi I just read your reply. No it was personal i was just receiving it for someone who asked me to pay all fees from my same account so it looks like I used up the whole 80k
Highlighted
Level 15

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

Hope it all works out and isn't a scram.  But that's how a major scam works.
Highlighted
Level 15

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

This smells really bad.  You are supposed to be paying someone else's "fees" with this money out of YOUR account?  And then what happens to you when it turns out his deposit was no good and you are holding the bag for the "fees?"
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Highlighted
New Member

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

The funds were good all cleared but now I'm just worried about my taxes and what I'd owe since it was all out of my account
Highlighted
New Member

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

His fees were things like taking out cash and paying hotel and restaurants and things like that
Highlighted
New Member

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

This was months ago
Highlighted
New Member

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

He signed a contract with an investor who fronted funds up and deposited into my account for a business they were conducting that hasn't closed yet
But the funds were sent to me and I used it as per instructed by the guy. So now I'm just wondering how should I declare or what ...
Highlighted
Level 15

I received eight thousand ($80k) dollars for someone that didn't have an account in the states and now I don't know how much taxes I'll be charged!

you make a good money launderer.
v
Privacy Settings