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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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My brother is loaning me money through a wire transfer form

Customer Question

my brother is loaning me money through a wire transfer form his Mexican bank to my us bank what are the tax inplications for both
Submitted: 2 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 2 years ago.
The requested expert doesn't appear to be available at this time. Wire transfers are not considered taxable income, therefore there is no tax to you, or your brother. However, keep in mind that the currency exchange rate will come into play. Let me know if I can be of further assistance to you regarding this matter.