What counts as a gift?
If you give someone money and don’t expect any goods or services in return, it’s a gift. Tuition, medical expenses, gifts to political organizations and gifts to a spouse are exempt.
If you’re helping your children with tuition or medical expenses, pay the school, hospital or insurance companies directly. The IRS will notice — and expect to be notified — of any checks or transfers you send directly to your dependents.
Hello, I’d like to know the tax implications of depositing in a US Bank Account of up to 20,000USD from the Philippines. Do I need to file some forms in BIR before making any move?
Hi Hope,
Thank you for reaching out to Finder.
If you are planning on making a bank to bank transfer from the Philippines, the bank would provide you the regulations on sending large amounts. They will also provide the necessary documents that you need to fill up to ensure that we are within the legalities of the transfer. Hope this helps!
Cheers,
Reggie
I just applied for the green card after I married to a US citizen and now I would like to take $50,000 to the country. I already have US bank account.
Is there any implication with the tax office? Last thing I want to pay tax on money saved up and already taxed at overseas.
Hi Joseph,
Thanks for getting in touch with finder. I hope all is well with you. :)
I could not give you a straightforward answer to your question, Joseph. This is because there are just different factors that determine whether a particular amount of money is taxable or not.
First, you would need to determine the source of the funds. If it is an income you earn, then tax would likely incur. You also need to check the tax law of the US and the country where the money will be coming from. Next, since you are sending a large amount of money, you would need to report it to the IRS using the right form.
Tax law can be very complicated. It would be helpful if you directly speak to a tax specialist.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
What do I need to know if I am buying an apartment in South America?
Hi Juan,
Thanks for getting in touch with finder. I hope all is well with you. :)
There are a few things you need to know before you buy an apartment in South America. First is to check the local real estate laws of the country where you are going to buy an apartment. Meet their legal requirements. From there, you can start looking for an apartment. Assess your needs, budget, and preference to simplify the whole buying process. Finally, seek professional help to obtain personalized expert advice.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
If I receive money on monthly basis at western union, less than $900 every time, so I have to claim that on taxes? Btw, I take that cash and never deposited In my bank account.
Hi M Abouz,
Thanks for getting in touch with finder. I hope all is well with you. :)
If you are receiving an income from overseas, you might need to declare that to the IRS. However, there is a maximum amount of money that you can receive without getting taxed. Speak to a tax professional to get more details about the tax implication of your money transfer.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Through a mess up of the company I work for, NJ child support was overplayed. That overpayment was ‘returned’ to me and now I must return it back to the company. It is a large enough transfer above 20,000. Will I get zapped by taxes, like the gift tax or something?
Hi Skip,
Thanks for getting in touch with finder. I hope all is well with you. :)
Generally, taxes are charged when you made an income from a transaction. In your case, you will be returning money to the company. For this reason, it might not be considered as an income. However, since you are going to send money that exceeds $15,000, you might be charged with gift tax and you will need to file a gift tax return. I highly recommend you check the FAQ Gift Taxes section of the IRS to learn more.
Of course, there are other factors I’m not aware of that might affect the status of the money. It would be a good idea to check with the tax office or speak to a tax specialist to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua