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I got money transferred to my account from my relatives from

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another country, this is not...
I got money transferred to my account from my relatives from another country, this is not my income, do I have to declare as my income anyway?
Submitted: 9 years ago.Category: Tax
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Answered in 2 minutes by:
11/1/2008
Tax Professional: Lev, Tax Advisor replied 9 years ago
Lev
Lev, Tax Advisor
Category: Tax
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What do you mean under "this is not my income"?

Is that a loan? a gift? other?

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Customer reply replied 9 years ago
It's money for a business investment.
Tax Professional: Lev, Tax Advisor replied 9 years ago

If you do not owe the money, but your relative does - he/she need to obtain taxpayer's ID from the IRS for the business entity your relative is planning to invest.

 

As the account owner - 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.

 

As you do not own the money - it is not your income and you do not need to include that amount into your tax return.

Lev
Lev, Tax Advisor
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