International wire transfer to buy cars

We have used car dealership in US. We get international wires to buy cars & ship cars oversea. We collect $300 as commission fee. So we get incoming wire for $10,300, then we buy car $10k and ship that car.

any special rules for international wires or is it simple recorded as Sales revenue of $10.3k , cost of goods sold of $10k = $300 profit

in this foreign income etc stuff?

390

Level 15

Mar 9, 2024 6:48:23 AM

It is simple, record wire as Sales Revenue of $10.3k , cost of goods sold of $10k = $300 profit.

All money for products received from any source by any method goes into Sales Revenue.

Level 4

Mar 9, 2024 9:06:16 AM

Got it. That’s what I thought it was simple. But someone was saying it’s foreign sources income I may need to file form k-3

it an C Corp

Expert Alumni

Mar 15, 2024 5:02:03 AM

No. It isn't foreign-sourced income if earned in the US. Your clients may be from outside the US but your business isn't.

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International wire transfer to buy cars