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Bringing money from another country to purchase a house here?
If a large amount of money like 40-50k is brought here from a foreign country, and some wants to use it to buy a house will they be taxes by IRS? I know there is a fee to transfer the money here, but should the IRS tax these money since it will be use for a house purchase.
It’s someone who sold a property there back in may and they have the money in the bank. The paid taxes there.
Whose money is this?
Yours? Non issue as you would have been reporting the bank account(s) every year on the form TD F 90-22.1.
A gift from mom and dad? Non-issue. You file an IRS form 3520.
PS “It’s someone who sold a property there back in may and ” –if that someone is a us person (either US citizen or resident alien for tax purposes), then they a) have to report the sale on their US tax return (use form 1116 for a tax credit on taxes already paid) and report the bank account to the treasury department next June.
Haseena Maan Jaayegi
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