I'm aware that allowable is max. $10,000. What if $10,000 be bankwired several times at different times, the amounts are accumulated totalling a big amount into that certain savings account.Would that be subject for taxation when filing for IRS during the end of the year?
2007-10-29 16:47:28 · 5 answers · asked by L D 1 in Business & Finance ➔ Taxes ➔ United States
Amount doesn't matter. I get hundreds of thousands at work from out of country for work we do in this country some is taxable for sales tax and some isn't. All of it is taxable income for corporate taxes
2007-10-29 16:54:10 · answer #1 · answered by shipwreck 7 · 0⤊ 1⤋
Irrespective of the amount is more than or less than $10,000 and even it is sent once once, it may be taxable.
Who has sent you the amount? Whom does the amount belong? What is the source?
Without details, it is not possible to answer this question.
Also if you have over $10,000 in foreign accounts at any time in the year, you have to report it.
Also even if you receive gift or inheritance from foreign sources, and the amount is 2007 is more than $13,258, you have to report it. There are penalties for not reporting.
2007-10-29 17:15:28 · answer #2 · answered by MukatA 6 · 1⤊ 1⤋
Why is the money wired out? Just because you are sending money doesn't make it income.
2007-10-29 17:25:08 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Yes, I believe so. It would probably be considered income.
2007-10-29 16:50:44 · answer #4 · answered by sippers 4 · 0⤊ 1⤋
depends on where and who sent it.....check with a tax acct
2007-10-29 16:50:58 · answer #5 · answered by richard t 7 · 0⤊ 1⤋