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Is a money transfer from India to the U.S. taxable?

Transferring money from a foreign country to the U.S. is not in itself a taxable event. If you are a U.S. citizen or resident of this country, then taxes should have been paid on that money when it was first earned and received and not simply when it is transferred to a U.S. account.

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Resolved Question:

If I wire transferred money from India to U.S., is it taxable? I want to wire transfer $8,000 from India to the U.S.

Submitted: 7 years ago.
Answered in 55 minutes by:
8/1/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Transferring money from a foreign country to the U.S. is not in itself a taxable event. If you are a U.S. citizen or resident of this country, then taxes should have been paid on that money when it was first earned and received and not simply when it is transferred to a U.S. account.

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Customer reply replied 7 years ago

Is there any limit to the amount of transfer?

Tax Professional: Merlo, Accountant replied 7 years ago

No, there is no limit on the amount of funds that you may transfer. Tax will still not be due simply because a transfer is made.

If the money you will be receiving is a gift from someone in another country or an inheritance from someone in a foreign country, then if the amount you are receiving exceeds $100,000 for the year, you are required to report the receipt of that gift or inheritance by filing Form 3520 with the IRS. But this is just an informational form and no taxes are due. Again, this is only required if the money is a gift or inheritance. If this is simply money you are transferring from your own account in India to the US, there is no limit on how much you can transfer and there are no reporting requirements.

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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