If I receive a wire transfer of $200K from an offshore bank to my bank in Texas, how much taxes do I need pay? I got some different answers, one said 35% and some said 10% to the IRS. It wasnt clear to me.
Thanks!
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27. February 2010 at 10:52 pm
The tax due will depend upon the type of income the payment represents. Dividends and interest are taxed as ordinary income. Capital gains are levied on the gain and depend upon whether they’re short term or long term.
Do bear in mind that if you hold authority over a foreign account with a balance of over $5,000 at any time during the year you have various US Treasury Department reports that MUST be filed. If you fail to file those reports you risk confiscation of the funds.
Additionally there are restrictions on American ownership of foreign stocks and bonds. Most foreign investment firms to do not conform to US SEC rules or make the required SEC filings for the foreign shares. You can run afoul of both SEC and host country investment rules as well as various tax laws you directly hold certain foreign investments.
I would strongly suggest that you consult with an attorney who has expertise in foreign investment law. You’re involved in an area that can be very murky for the average investor.
27. February 2010 at 10:52 pm
If this is money that you earned from investments or anywhere else, and you paid the tax on it when you earned it as you are required to do, then the transfer won’t cause additional taxes.
27. February 2010 at 10:52 pm
Without more information on this transaction, its impossible to give you an answer. Please provide more info – who, what, where, when and how would be great. Thanks.
27. February 2010 at 10:52 pm
Is it income to you? Is it a gift to you? Are you a money launderer? Are you a drug dealer or terrorist? you’re not providing enough information.
27. February 2010 at 10:52 pm
impossible to answer with the facts given — like the other two said we need more info.
27. February 2010 at 10:52 pm
why not just call the IRS and ask them they will be able to give u an more accurate answer as to how much ur taxes is gonna be on it.