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#3
01-02-2008, 01:14 AM
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 Re: Money transfers from Foreign country ladue21 wrote: - quote - > My client's father wants to send him $250,000 to help him out. He is
require that you complete Part IV of this form. The due date is> transfering the money from Thailand. Are there any tax consequences > to this??? I cant see any. His father will be the minority owner. I > wonder how long it takes to get money from a foreign country?? > Anyone have any ideas? See Form 3520 and its instructions. The amount in question will the same as your annual tax return. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
01-01-2008, 04:07 AM
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| Re: Money transfers from Foreign country "ladue21" <mjcoman02[at]yahoo.com> wrote in message news:7c5468c4-2fca-465b-bd0c-1d51bd8be478[at]x69g2000hsx.googlegroups.com... - quote - > My client's father wants to send him $250,000 to help him out. He is
Amounts over $100,000.00 (that are gifts from non-U.S. citizens) have to be> transfering the money from Thailand. Are there any tax consequences > to this??? I cant see any. His father will be the minority owner. I > wonder how long it takes to get money from a foreign country?? > Anyone have any ideas? reported on a "TD" series form, but there are no income tax issues. I don't recall which TD series form the report is made on - but the IRS web site probably has the information. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
12-31-2007, 06:43 PM
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| Re: Money transfers from Foreign country ladue21 <mjcoman02[at]yahoo.com> wrote in news:7c5468c4-2fca-465b-bd0c-1d51bd8be478[at]x69g2000hsx.googlegroups.com: - quote - > My client's father wants to send him $250,000 to help him out. He is
Your client? This usenet group does not supply guaranteed information.> transfering the money from Thailand. Are there any tax consequences > to this??? I cant see any. His father will be the minority owner. I > wonder how long it takes to get money from a foreign country?? > Anyone have any ideas? You are respnsible for getting authortative answers to your questions (see the footer). Getting money usually has no tax consequences, but large amouns of money may invite scrutiny by the Feds. Keep good documentation. If this is an investment by Dad for a business venture, you may need accountant/lawyer help. How long does it take? Depends on the banks involved. In my experience, it does take about 3-5 business days before all is final but that was for much smaller amounts between Europe and the US. -- Best regards Han email address is invalid -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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12-31-2007, 11:46 AM
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| Re: Money transfers from Foreign country On Dec 30, 10:54 pm, ladue21 <mjcoma...[at]yahoo.com> wrote: - quote - > My client's father wants to send him $250,000 to help him out. He is
will not be taxes but tracking of drug money will become the issue.> transfering the money from Thailand. Are there any tax consequences > to this??? I cant see any. His father will be the minority owner. I > wonder how long it takes to get money from a foreign country?? > Anyone have any ideas? > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, > > << nor can it used, for the purpose of avoiding penalties > > << that may be imposed upon the taxpayer. > > << > > << The Charter and the Guidelines for submitting posts > > << to this newsgroup as well as our anti-spamming policy > > << are atwww.asktax.org. > > << Copyright (2007) - All rights reserved. > > << ------------------------------------------------------- > $250,000 is a lot of money. Given that quantity, I suspect the problem Overall, I don't think we have enough information and recommend that you speak to your professionally designated accountant in person for assistance. Not this forum. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
12-31-2007, 02:54 AM
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| Money transfers from Foreign country My client's father wants to send him $250,000 to help him out. He is transfering the money from Thailand. Are there any tax consequences to this??? I cant see any. His father will be the minority owner. I wonder how long it takes to get money from a foreign country?? Anyone have any ideas? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| country, foreign, money, transfers |
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