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?
You'll need to sign in or create an account to connect with an expert.
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.
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
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
MarsJay
Level 1
stech
Level 4
Kiki
Level 4
hsyang
Level 1
mvarzi
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.