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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 9705
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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i need to receive a 40 thousand $ deposit from outside US.

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i need to receive a 40 thousand $ deposit from outside US. what taxes i\ll have to pay for that?

NPVAdvisor : You will have no taxes, unless it was earned income
NPVAdvisor : Gifts are not taxable to the receiver... only the giver (or the estate, in the case of an inheritance) pays the taxes
NPVAdvisor : If the amount were over $1,000,000 you WOULD have to file an informational form to declare the money (the treasury dept does this for money laundering tracking, etc)
NPVAdvisor : But at the 40,000 there are no taxes to you at all
NPVAdvisor : and no reporting nrequirements
NPVAdvisor : Now, if you were a US citizen or resident alien and you earned that income you would have to pay INCOME taxes
Customer: so why the banks have to declare it to irs?
NPVAdvisor : Patriot act
NPVAdvisor : sine 9-11, any amounts ove 10,000 are reported by the banks
Customer: im a US citizen and if this is inheritance from relative that is not us citizen?
NPVAdvisor : (for the same reason as the indivual, for amounts over 100,000) to track for purposes of money laundering, arms deals, terrorism, etc
Customer: sorry, I'm
NPVAdvisor : Again, the receiver does not pay the gift tax... and if the person giving the gift is not a US citizen they do no have to pay tax either
Customer: thank you
NPVAdvisor : Now, ig the person GIVING the gift were here THAY would have to pay gift taxes....
NPVAdvisor : You are welcome
NPVAdvisor : If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better. That's the only way they will pay us here.
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