Q. My mom is getting an inheritance in South Korea (a house of her father is being sold and proceeds being split among siblings).
When she brings that money back to the United States, will there be taxes due to the IRS from essentially an international inheritance (taxes in Korea were already paid)?
If instead of keeping it herself she wants to give the money to me or my sister, is there a gift tax due to the IRS (filling out a gift tax form and just using up part of my mom and dad's lifetime gift exemption to me and my sister)?
And what is the actual best method of having those international funds transferred to an U. S. account? (wire transfer, actual check, other?)
Thanks for the responses below.
I called the IRS and they said the same thing. Only other thing they added was that Treasury / Customs form FinCEN-105 (report of international transportation of currency or monetary instruments) had to be filled out within 15 days of that international transfer.
Read instructions for form FinCEN-105.
Apparently only applies to physical transfer of currency across borders. Don't need to fill out for electronic transfer.
When she brings that money back to the United States, will there be taxes due to the IRS from essentially an international inheritance (taxes in Korea were already paid)?
If instead of keeping it herself she wants to give the money to me or my sister, is there a gift tax due to the IRS (filling out a gift tax form and just using up part of my mom and dad's lifetime gift exemption to me and my sister)?
And what is the actual best method of having those international funds transferred to an U. S. account? (wire transfer, actual check, other?)
Thanks for the responses below.
I called the IRS and they said the same thing. Only other thing they added was that Treasury / Customs form FinCEN-105 (report of international transportation of currency or monetary instruments) had to be filled out within 15 days of that international transfer.
Read instructions for form FinCEN-105.
Apparently only applies to physical transfer of currency across borders. Don't need to fill out for electronic transfer.
A. is your mother a U.S. citizen?
The money she inherits is not taxable in U.S.
If she gives you more than $12,000. per year she would be liable for gift tax. Your dad can also gift to you $12,000. per year for total of $24,000. They can also do the same with your sister.
A check from a foreign country is a nightmare and will cost you a couple hundred to get the money,, wire transfer is the best,, fastest,, safest way. They will no doubt be paying some fee to exchange the money into U.S. dollars.
The source is your mother.
The money she inherits is not taxable in U.S.
If she gives you more than $12,000. per year she would be liable for gift tax. Your dad can also gift to you $12,000. per year for total of $24,000. They can also do the same with your sister.
A check from a foreign country is a nightmare and will cost you a couple hundred to get the money,, wire transfer is the best,, fastest,, safest way. They will no doubt be paying some fee to exchange the money into U.S. dollars.
The source is your mother.
How much money would I need for a 3-week trip to South Korea?
Q. I am planning on going to South Korea for a vacation for 3 weeks. How much money should I bring? Housing and some of the food is already covered. I'm planning on just eating out and maybe visiting some traditional sightings as well. Thanks!
A. Excluding the airplane ticket which will be atleast 1000USD, bring at least 1000USD with you since housing and some food is already covered.
Also bring more if you are going with 1 or more people
Also bring more if you are going with 1 or more people
What is need or expected of me if I decide to move to South Korea?
Q. I am wanting to move to South Korea later in life but I am not quite sure what I need to do. I know when you want to become a US citizen you have to process yourself to get a green card, or something like that. Is there anything such as that in South Korea? If not, then what?
Also, What's the difference financially? I'm thinking of becoming an English teacher. Or maybe a doctor. Is the pay more or less? And how about housing, food, electricity, cars, and other bills. Basically is there economy any better?
Also, What's the difference financially? I'm thinking of becoming an English teacher. Or maybe a doctor. Is the pay more or less? And how about housing, food, electricity, cars, and other bills. Basically is there economy any better?
A. There are lots of English teachers in South Korea, the pay is not great.
There are several companies that will place you in a job and take care of your visa, and permits.
You can not be a medical doctor there unless you can speak Korean.
The housing and living expenses are similar to the U.S.
Their economy mirrors ours and is not doing well at this time.
There are several companies that will place you in a job and take care of your visa, and permits.
You can not be a medical doctor there unless you can speak Korean.
The housing and living expenses are similar to the U.S.
Their economy mirrors ours and is not doing well at this time.
How can students from south korea attend school in america?
Q. I have two cousins from south korea, one elementary and one middle school that are coming to america for a month, They cannot get a student visa because the period of time is too short. Are there any ways that they can attend school in america like an exchange program? We will be housing them.
A. You can visit your local schools and ask the administration if they would be willing to allow your cousins to be guest students.
Powered by Yahoo! Answers
No comments:
Post a Comment