On Apr 25, 11:25*am, "Taylor" <tay...[at]nospam2me.com> wrote:
- quote -

Many thanks.

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It wouid be a gift to the client unless he sold something or if it was in
exchange for services he performed for the sender.


"mich_b01" <bmichaels24[at]gmail.com> wrote in message
news:dba2ec4f-28ec-4f3a-adef-84a05cef6585[at]c58g2000hsc.googlegroups.com...
- quote -

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"John Levine" <johnl[at]iecc.com> wrote in message
news:fv5bel$1qhk$2[at]gal.iecc.com...
- quote -

Form 105 is used to notify the IRS for income tax reporting purposes and for
money laundering purposes (http://www.irs.gov/irm/part11/ch03s25.html). An
individual carrying monetary instruments must file it. Certain bank
transactions, such as a wire transfer of $10,000, are already reported to
the IRS by the bank, so the individual does not need to file a duplicate
report.

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

- quote -

Actually, no. FinCEN 105 is about money laundering, which is why it
applies to cash taken out of the country as well as brought in. It's
perfectly legal to carry all the cash you want, so long as you're not
doing something illegal with it such as buying or selling drugs.

- quote -

Whatever you say.

Incidentally, none of this applies to money wired in or out, or to
checks (unless they are signed and don't have the payee's name) so
it's irrelevant to the original question.

R's,
John

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"John Levine" <johnl[at]iecc.com> wrote in message
news:fusv8n$pea$1[at]gal.iecc.com...
- quote -

The form 105 is used to notify the IRS to see if you must pay a tax, not a
custom duty.

So I was mostly right.

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

Tom Russ <tar[at]isi.edu> wrote in news:18ef1b4e-f959-424c-8a78-
c4b37359167d[at]i36g2000prf.googlegroups.com:

- quote -

In this case there may be capital gains taxes due to exchange rate change
between acquiring the funds in the UK and transferring them to the US.

--
Best regards
Han
email address is invalid

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

On Apr 24, 6:45*pm, mich_b01 <bmichael...[at]gmail.com> wrote:
- quote -

Well, that depends on additional information that you haven't
provided, namely why the wire transfer was made.

If the $15k was a gift, say from parents or other relatives, then it
is a gift.
If the $15k was payment for services, then it would be earned income
and thus taxable.
If the $15k was a transfer of funds from an overseas account owned by
the tax client to his US account, it would not be taxable.
There are other scenarios possible as well, some of which would be
taxable.

Also, there may be reporting requirements as well.

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

- quote -

Uh, no. Guessing isn't helpful.

A quick look at the CBP web site confirms that if you carry $10,000 or
more in cash or "monetary instruments" you have to file a FinCEN 105
form.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

On Apr 24, 6:45 pm, mich_b01 <bmichael...[at]gmail.com> wrote:

- quote -

If the gift is from a person then no. If the total gifts from a
related people are 100k or more, then you have to file form 3520
within 90 days of the event, and the penalties for failing to file of
filing late are (too) steep. There is no tax due, just the
requirement to file.

If the gift is from a corporation and the amount if over 14k or so,
then the US recipient has to pay tax.

http://www.irs.gov/pub/irs-pdf/i3520.pdf

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"mich_b01" <bmichaels24[at]gmail.com> wrote in message
news:dba2ec4f-28ec-4f3a-adef-84a05cef6585[at]c58g2000hsc.googlegroups.com...
- quote -

I believe if you bring into the country over $10,000, you may have to pay a
customs duty.


- quote -

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"mich_b01" wrote:

- quote -

The transfer of cash in itself is never a taxable event to the recipient. I
believe a transfer from overseas in this amount is reportable to Treasury.

--
Phil Marti
Clarksburg, MD

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

We have a tax client who received a wire transfer of $15,000 from
oversees
to purchase a home in the USA Is the wire transfer considered a gift
or a
taxable event?

========================================= MODERATOR'S COMMENT:
Facts & Circumstances. What was the intent of the transfer?
Why do you think it is not a gift? Is T filing NR?

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >