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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Tax Payment

Resolved Question:

Hi, if you're just a resident alien and you got money wired on your personal bank account, is that subject to tax?
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.
What is the source of the money that is transferred?
Customer: replied 8 years ago.
Reply to RD's Post: from a business deal not related to work in the u.s.
Expert:  RD replied 8 years ago.

Being a US Citizen or a resident alien, your world wide income is taxable in US. So the gain or income from this deal will be reportable on your US tax return unless you are protected under a double tax treaty provision. You will, however, get a credit for taxes you paid on this to the foreign country.

Transfer of money to your personal account is not subject to tax. But, it may create questions as to the source of this funds. hence, you need to report the income related to the deal in your tax return.


Let me know if you have any question.


Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.


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