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As an independent contractor working overseas, I want to…

As an independent contractor...

As an independent contractor working overseas, I want to wire funds to the US savings account of my brother. What should I be aware of in taxes,or other expenses.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The payment for my work will come in two payment. The first part has now been completed, and first payment is available. I want to send to brother because if I would need addition funds he could wire it back to me. It will exceed $100,000,00.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

The business company wants to wire the money directly to him. After a bonding agreement has been signed by all parties. My question is, will my brother have to count my money as income for himself? I will be overseas for another four months to complete the job.

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Answered in 14 minutes by:
11/2/2017
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,762
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello! Welcome to JustAnswer, My name is ***** ***** I will be able to assist you today.

Sending a wire transfer is a straight forward operation once you have all the transfer details such as account number, bank address, routing number. If you are sending the wire funds in another currency you will have the option to convert the currency before you send the funds or your currency will be converted for you when the funds arrive in the US.

You will most likely be charged minor wire transfer fees by the sending and receiving bank as well as any intermediary, if one is used.

There is no additional tax for wiring funds into your brothers USA bank account as long as the wired funds aren't a gift. With the verbal agreement that he pays you back the money that is transferred should suffice, however I recommend you have the agreement in writing as proof your agreement, just in case the IRS or the bank inquires about the transfer .

Where an issue may arise is if he sends funds to you in a foreign country because some, not many, but some countries may tax you based on how much you transfer into that country. .

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Y​our brother will not have to count your money as his income.

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Since you earned the income you must claim the income.

If you have any further questions or would like me to expand on my answer above please let me know.

At the conclusion of our conversation please take a moment to accept the answer by rating the answer with three stars or more.

Thank you!

.

.

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,762
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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T​hank you for the rating!

Please let me know if you have any further questions.

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