Personal Finance - April 2007

I am curious about the following scenario between 2 trusted persons.

A has $20,000 in the US that he wants to use overseas.
B has an equivalent amount in foreign currency overseas that he wants to use in the US.
Both want to avoid transfer fees so...

A writes a check to B in the US for $20,000
B transfers the equivalent amount to A in the foreign country.

They agree to amounts based on the exchange rate and no money crosses international borders. Both A and B earned their money legally and intend to use it legally.

What are the implications in the US?
Is it counted as income?
Is it counted as a gift?
Does either party have to pay taxes or make declarations on the $20K transfer?

2007-04-04 10:39:55 · 3 answers · asked by John K 4

2007-04-04 10:36:26 · 5 answers · asked by Megan C 1

tips?

2007-04-04 08:16:58 · 43 answers · asked by Anonymous

2007-04-04 07:58:07 · 2 answers · asked by jadelosh 1

anyone, anyone!

2007-04-04 07:57:02 · 8 answers · asked by jbrbbt 1

What's the benift of investing my money in an IRA?

2007-04-04 06:02:07 · 6 answers · asked by Anonymous

How do i get compensation from the moaners? They can sit there whinging about passive smoking, but I'm the one who has to fork out over £5 a packet and they're getting it all for free!!!!

2007-04-04 03:07:13 · 9 answers · asked by Anonymous

A Corvette is a 50000 car. How much do you think I need to make per year to afford a car like this comfortably? I have really no bills and no responsibilities... probably going to have a 50k/year job pretty soon so I'll start saving up

2007-04-03 20:51:53 · 3 answers · asked by ultcomics 1

2007-04-03 10:30:35 · 1 answers · asked by mimi 1

2007-04-03 10:25:59 · 2 answers · asked by kane s 1

Is there anyway I can release the drawdown from my SIPP(Self Invested Personal Pension) I dont mind paying tax I just need the lump sum rather than getting paid every month

2007-04-03 09:48:52 · 3 answers · asked by SHADES 1

I am young and smart. Yes I am under 14 and have no working papers (duh). I live in the town of my community no city type thing. I want a computer/mp3 player.

2007-04-03 09:24:24 · 12 answers · asked by Ben R 1

I'm graduating this year. (Thank God) I'm reading all these articles about how saving early is a really good idea. I've been learning the basics about stocks, bonds, 401k plans etc. As of right now, I'm making $300/2 weeks and when summer comes along i will be making $470/2 weeks. Any ideas on how i should get started on investing to make money and saving for expenes,house, retirement?

2007-04-03 08:54:43 · 4 answers · asked by Anonymous

2007-04-03 08:11:30 · 8 answers · asked by Anonymous

2007-04-03 07:03:31 · 14 answers · asked by Bob M 1

I have some Canadian money i wanted to know if I can change it a the airport or a bank.
Also what banks do it and which don't.

2007-04-03 06:43:47 · 4 answers · asked by Anonymous

I have a cashiers check and I am loaning the money to a friend, is there anyway to just sign the check over to them, to be deposited into there account?

2007-04-03 06:38:59 · 8 answers · asked by Tracy Y 2

i was sent an email about me wining the lotta. what should i do i already send my information bank number and address .they wanted me to send money to get the winings thats when i think that maybe i am in trouble . any way i did not send any money but can they take out any money from my account?>

2007-04-03 06:08:54 · 8 answers · asked by jacky 1

Is this because of 9/11? What if I wanted to purchase the bills but don't want my social ran because I am trying to purchase a house?

2007-04-03 06:04:07 · 3 answers · asked by darshunk 2

I just want to know if it's possible to take as much as 3 weeks to transfer money form one account to another coming from Europe? Also, Would a trcking number be available to track the transaction?

2007-04-03 04:19:05 · 3 answers · asked by Anonymous

I need to open a safety deposit box......only I can't seem to find any information online regarding any banks in the uk that have there or if they have them what rates they charge?

Can anybody advise me please?
Thanks in advance x

2007-04-03 02:18:55 · 4 answers · asked by smudger79 3

we are just renting from daughter and trying to help her too.
we were paying the debt mediators to help us but they say they cant, money we could have paid our bills with wasted again.....this all started because daughter bought our house here off us we moved to country(heaven) but she couldnt cope we sold that house and tried to fix this one up but we were ripped off all our money as builder wascheat and not licenced... we really need help.. i wish someone could just giv us a go and get back from hell.....thanking anyone in advance

2007-04-02 20:24:58 · 3 answers · asked by pensionerneedshelp 1

Somany people find it too difficult to multiply there hard earned cash (salaries) due to lack of financial knowledge, don't know the difference between asset and liability. Is there any book that can teach best on this issue?

2007-04-02 19:14:45 · 6 answers · asked by winerest 2

2007-04-02 18:40:39 · 21 answers · asked by Antonio C 1

I'm 29 and trying to save for retirement. I keep reading articles on the web about saving and how young people can retire before 60 if they start saving now because compound interest will help them.

But they always assume that you'll earn 10% interest per year. Where do you get a savings account or investment like that? The best guaranteed rate I could find was a 5% rate for opening an e-savings account with Citibank.

Where do people find these 10% per year rates? I'd like to find an investment like that.

2007-04-02 16:20:12 · 5 answers · asked by johnlert22 2

explain and also tell the meaning of ingot.
-please

2007-04-02 15:46:16 · 5 answers · asked by manuawal 2

I just asked if i gave you a million dollars would you kill a family member, every one said no so i ask you this,.....If i gave you 1 million dollars but you had to spend 1 dollar every day or the million got taken away what would you spend your dollar a day on.?

2007-04-02 14:39:15 · 6 answers · asked by Anonymous

Ok I tried this last nite, but i got stupid answers.
PLEASE BE SERIOUS WIth your answers, i need guidance and i don't trust my family and friends on this, just please try to understand, I'm only 29 years old.
I Won the Lottery for $3 million dollars after taxes, i got the cash option i got the check last friday, i went by myself because i didnt trust anyone,
i Have a few questions and i need your true answers if you dont have experience on this, then try to give me your best answer to your knowledge.
#1 How do i find the right accountant, lawyer, financial specialist?
#2 Should i buy a normal small house less than half of million, or rent a normal apartment for about $2000 a month in a nice building with security guard for a year.
#3 Where should i open my account tomorrow what kind of bank, Tell me the best 3 banks in the USA right now with high interest, ( WHO SHOULD I speak to when i get to the bank, Should it be the Bank Manager?)
#4 Should i tell my family and close friend

2007-04-02 13:59:38 · 12 answers · asked by mike p 1

My parents are thinking about moving to Arizona after their retirement. They been working and paying social security benefits in California for the last few decades. Now they're trying to find out if there's any difference in retirement benefits between California or Arizona. I heard that social security benefit based solely on the amount you contributed during your working life, not on where you live when you retire. Is that true? Is there any other potential benefit for retiring in California (other than weather or higher living cost)? Thank you very much.

2007-04-02 12:25:37 · 3 answers · asked by Anonymous

2007-04-02 12:15:24 · 7 answers · asked by tracystacy 2