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IC24 | Do i have to report a 200 thousand dollars to the IRS?? |
Well, my dad just sold a piece of property on his native country and he will be receiving the money in here, so does he have to report that money to the IRS even thought it was for a foreigh country sale??, |
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Soror Kate ART VT
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You've got a complex situation going on here. The average answerer here will not know the answer to your question. Take the advice you get with a grain of salt, and make sure you speak to a qualified tax professional (meaning one who doesn't pretend to know the answer, but either knows and can reference the reasoning, or will do the necessary research to find your answer). Same advice goes if you speak with an attorney. There are about 3 regular answerers, including "Bostonian" who I'd tend to believe. Just FYI.
As I understand it, this will be considered taxable income to your father. I'm one of those afore-mentioned tax professionals. Because it is sale of a property he did not live in 2 of the past 5 years, and because it is foreign property, you do not qualify for the $250K floor. Even if he got the money put in a foreign bank, it is still considered income. In the US, all 'worldwide' income is taxable to citizens and residents of the US. Typically the sale of a home (you don't say if this is a home) is not taxable. But in this case, it would be. Good luck sorting it all out.
Blessings! |
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acmeraven
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Don't go by guess or by golly on this one; see a tax accountant and have the total collection of facts and information concerning this sale looked at. Then do that which is legal and correct. |
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Barry auh2o
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Yes, he does. I suggest he see an accountant.
A deposit of $ 200,000.00 into an American bank would certainly arouse the interest of Homeland Security. |
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v b
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If your father is a US citizen or resident alien, he must report the sale.
He isn't taxed on the proceeds, but rather his gain. If the gain is long term, it may only be taxed at 15%. (Was this rental property? There may be other issues.)
He probably will be paying taxes to the foreign country, so form 1116 may reduce the tax bite here.
And, don't forget form TDF 90-22.1 if he opens a bank account over there to hold the money.... |
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J
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probably
they want a piece of it all |
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Jss
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If your dad is a U.S. citizen or resident, he must report the sale. If he paid taxes in foreign country, he will claim foreign tax credit by filing Form 1116.
Read more: http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html |
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Tapestry6
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go to http://www.irs.gov and ask them this question for a legit answer. They have a contact us area or you could call a local CPA (Certified Public Accountant) they would give you a best answer too. |
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magnolia_76
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If the money is coming to a bank here in the US, then yes..~ |
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hb253motocross
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If its in another country, he would be downright stupid to bring it here. Especially if its in a country that uses the Euro... Thats what I did... I kept it in Europe, and as the dolar drops and the Euro goes up I just keep making money, as apposed to bringing it here and loosing a little everyday.
If he brought it here, he would have to pay tax on it.
But seriously keep it there and save the money for family vacations and what not, if he uses that money to pay for a vacation it will be much cheaper and much less hassle because he won't have to transfer the money or anything. |
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Cynthia LY
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It will have to be reported as income then more than likely, depending on other circumstances, deducted back out as non taxable foreign income.
for an accurate answer, contact a CPA in your area.
or contact the Internal Revenue Service
Telephone Assistance for Individuals:
Toll-Free, 1-800-829-1040
Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
http://www.irs.gov/
If you call the Internal Revenue Service, ask to speak with someone who is well versed on foreign property sales and get their full name and ID number for future reference.
This should be checked into right away - if it is determined that it is all taxable, estimated tax payments will have to be made in advance of the April 15, 2009 tax filing deadline in order to avoid any late payment penalties.
Note: you should also check into whether or not it will be considered taxable income in the country the property is located in. |
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hkeel5050@verizon.net
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Have him squirrel it away in an off-shore account if he wants to keep ANY of it. If he reports it as he will have to regardless of the sale in a different country, the money arrives here and the IRS will take their cut before he gets any of it. |
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Kandi
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yes anything over 10,000 if not reported to them they will come for you! |
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Heather B
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I would not. You most likely have to pay a tax in the country where the land was sold. Why pay twice.
Try to keep it a cash deal when you bring the money back here. Don't deposit a check into your bank, only cash. |
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