Google Answers Logo
View Question
 
Q: Getting taxed on transferring money saved under my name from a foreign country? ( No Answer,   2 Comments )
Question  
Subject: Getting taxed on transferring money saved under my name from a foreign country?
Category: Business and Money
Asked by: picketay-ga
List Price: $20.00
Posted: 25 Feb 2006 15:28 PST
Expires: 27 Mar 2006 15:28 PST
Question ID: 700967
I am a Japanese and a permanent resident. Back home, my parents saved
money under my name through my life. I moved to US in 1994 after
getting married with an American in 1993. As I probably are not going
back home for rest of my life, my parents decided to sell all the
stocks they had under my name, and it amassed to $60,000. They want to
send all that money to me here in U.S. at once. Am I taxed on this, or
do I have any obligation to report this to IRA?
They said that that is my own money saved up under my name, it would
not be any problem. Is this true. When money was in stocks, the stock
company was reporting to US treasury every year.
Answer  
There is no answer at this time.

Comments  
Subject: Re: Getting taxed on transferring money saved under my name from a foreign country?
From: taxbear-ga on 25 Feb 2006 18:02 PST
 
If you are a US resident then you need to report your income from all
sources worldwide. This means that your gains on sale should be
reported. Also, if you have foreign currency and then convert it to US
dollars, there could be an exchange gain that would also be income.

The movement of the cash itself is not an issue from a tax perspective
other than any foreign exchange gain.
Subject: Re: Getting taxed on transferring money saved under my name from a foreign country?
From: taxbear-ga on 25 Feb 2006 18:50 PST
 
It's also worth knowing that gain on stock sale is source according to
the residence of the seller. If you're a US resident, the gain would
be US source even if the stocks are traded on a foreign exchange.

Important Disclaimer: Answers and comments provided on Google Answers are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Google does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. Please read carefully the Google Answers Terms of Service.

If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you.
Search Google Answers for
Google Answers  


Google Home - Answers FAQ - Terms of Service - Privacy Policy