So I started my small biz a few weeks ago (sole proprietorship) and now my grandma wants to give me $30K as a gift to help me out with the biz. She's not a US national nor does she reside in the US. What do I do? Do I just deposit the money in my business account? Will I have to pay taxes for it? Any advice would be greatly appreciated. Thanks!!
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If she's neither a US national nor resident, then there is no US tax consequence to the gift. If her country has a gift tax or export restrictions, those might apply.
What about the US Gov't "Know your customer" program? Won't depositing $30K light up all kind of red flags? The poor guy will get hauled off the Guantanomo or worse as a suspected terrorist money launderer or drug dealer??
-- Joe Leikhim K4SAT "The RFI-EMI-GUY"
The Lost Deep Thoughts - By: Jack Handey Before a mad scientist goes mad, there's probably a time when he's only partially mad. And this is the time when he's going to throw his best parties.
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