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Lev
Lev, Tax Advisor
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Can someone tell me what the taxes would be bringing

Resolved Question:

Can someone tell me what the taxes would be bringing in monies that are euros and converting them in to dollars. This would be for a million dollars or more. Thanks
Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.

HelloCustomer

Can you please clarify what you are trying to do here. There are no taxes due for simply converting one currency to another. If you bought foreign currency futures at one rate and then later sold the currency at a gain, then there would be tax implications.

Are you inquiring about the rules for bringing foreign money into this country?

Customer: replied 6 years ago.
Yes Sorry I am not sure how to ask this question.
If monies are brought to the US for a european instrument is there any taxes. If there are no taxes to bring the monies in what is the Corporate tax rate for monies over 1 million dollars?
Expert:  Merlo replied 6 years ago.

Who will be receiving these funds (individual or corporation)? Who is sending the funds and what is the purpose for them sending the money?

Customer: replied 6 years ago.
The funds are coming from a trading platform. The funds are payment and are going to a escrow acount to a corporation.
Expert:  Lev replied 6 years ago.

The fact of transferring the money is not a taxable event.

In case you transfer the money to US - if the amount is more than $100,000, you are required to file form 3120 - http://www.irs.gov/pub/irs-pdf/f3520.pdf (see instructions for details - http://www.irs.gov/pub/irs-pdf/i3520.pdf) to declare transfer from the foreign country. There is no tax associated with this form.

To identify if any of the money are taxable - we need to clarify the reason why the money were paid. If the money are from inheritance, gift, etc - it is not taxable income; If the money are payment for services - the net taxable income is calculated as gross proceeds minus business expenses. If the money are payment for sold assets - the net taxable income is calculated as sale price minus the basis of assets.

Please let me know if any clarification is needed.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22704
Experience: Taxes, Immigration, Labor Relations
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