My client's father wants to send him $250,000 to help him out. He is transfering the money from Thailand. Are there any tax consequences to this??? I cant see any. His father will be the minority owner. I wonder how long it takes to get money from a foreign country??
Anyone have any ideas?
$250,000 is a lot of money. Given that quantity, I suspect the problem will not be taxes but tracking of drug money will become the issue.
Overall, I don't think we have enough information and recommend that you speak to your professionally designated accountant in person for assistance. Not this forum.
ladue21 wrote in news: snipped-for-privacy@x69g2000hsx.googlegroups.com:
Your client? This usenet group does not supply guaranteed information. You are respnsible for getting authortative answers to your questions (see the footer).
Getting money usually has no tax consequences, but large amouns of money may invite scrutiny by the Feds. Keep good documentation. If this is an investment by Dad for a business venture, you may need accountant/lawyer help.
How long does it take? Depends on the banks involved. In my experience, it does take about 3-5 business days before all is final but that was for much smaller amounts between Europe and the US.
Amounts over $100,000.00 (that are gifts from non-U.S. citizens) have to be reported on a "TD" series form, but there are no income tax issues.
I don't recall which TD series form the report is made on - but the IRS web site probably has the information.
See Form 3520 and its instructions. The amount in question will require that you complete Part IV of this form. The due date is the same as your annual tax return.
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