How do you declare foreign money when filling taxes?
This is my first time filling for taxes, and I just move from South America. If my mom sent me money every month from our country which was in our currency but then cashed from an ATM in dollars, do I have to declare that money as income? I am a working student and that money was part for my education.
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August 12th, 2010 at 10:27 am
It is not income so you don’t have to report it.
August 12th, 2010 at 10:55 am
If the money was a gift from your mother, then it’s not taxable to you and you don’t have to report it.
August 12th, 2010 at 11:02 am
gifts from family, or anyone, are not taxable income in the US. therefore, you need not report this as income on your taxes.
August 12th, 2010 at 11:26 am
You’d only have to file a report (IRS form 3520) if the amount was over $100,000…which I doubt!
August 5th, 2011 at 10:37 am
“as many as u want.”