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Bringing money from another country to purchase a house here?

If a large amount of money like 40-50k is brought here from a foreign country, and some wants to use it to buy a house will they be taxes by IRS? I know there is a fee to transfer the money here, but should the IRS tax these money since it will be use for a house purchase.
It’s someone who sold a property there back in may and they have the money in the bank. The paid taxes there.

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2 Responses to “Bringing money from another country to purchase a house here?”

  1. v b said:

    Whose money is this?

    Yours? Non issue as you would have been reporting the bank account(s) every year on the form TD F 90-22.1.

    A gift from mom and dad? Non-issue. You file an IRS form 3520.

    PS “It’s someone who sold a property there back in may and ” –if that someone is a us person (either US citizen or resident alien for tax purposes), then they a) have to report the sale on their US tax return (use form 1116 for a tax credit on taxes already paid) and report the bank account to the treasury department next June.

  2. xtraheavy01 said:

    If you bring money in from another country, it would not be taxable to the recipient .The earnings from that money earned in the US will be.




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