"mich_b01" <bmichaels24[at]gmail.com> wrote:

- quote -

if it is a gift - nothing

if it is for services performed or selling a product - it is
income

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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mich_b01 wrote:

- quote -

No one can say based on what you ask. To form any cogent
opinion one would need to know the nature of the payment and
how it arose.
gift?
payment for personal services?
payment for merchandise?
inheritance?

ChEAr$,
Harlan Lunsford, EA n LA

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"mich_b01" <bmichaels24[at]gmail.com> wrote:

- quote -

Assuming this is a gift, there is no taxable consequence.
(IRS Publication 525).

There is some form to be filed reporting the foreign
transfer. I've seen it buried someplace in IRS instructions
for something (Schedule B?), but being lazy I'd just call my
banker, who should know off the top of her head.

--
Phil Marti
Clarksburg, MD

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mich_b01 <bmichael...[at]gmail.com> wrote:

- quote -

Before we get into the taxable event, let us actually know
the real event why your client is receiving the $10,000.

If your client is receiving the money because of business
activity, the event will be different than such things as
investment activity, inheritance, repatriation of funds,
etc.. Also, are you asking from the point of the receiving
country (presumably the United States), the receiving state
(California is different than Florida, though that goes
without saying), or the country in Asia where the funds are
from?

If you ask a generalized question, the only answer left,
like now, is "It depends." Get more specific and you'll get
a better answer.

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mich_b01 <bmichael...[at]gmail.com> wrote:

- quote -

WHY is he receiving this money? Gift? Loan? Proceeds of a
sale?

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I have a client who is receiving more than $10,000 from a
relative in Asia. What is the taxable event for this
transaction?

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