You are here:

Tax Law (Questions About Taxes)/international money transfer to US


Hi. Our friend in Russia wants to return me a loan that we gave him many years ago. Amount is about 60 thousand $. My tax accountant told us that there is no tax on transfers from outside US.  In our bank they told me that they will have to report it. What is an outcome of that reporting and how (money-wise)it can harm?
 Thank you

no tax, but the bank is correct - they would report it but you can explain it away as the repayment of a loan - especially if you have documentation to this effect.  

Did you report and pay tax on interest in the interim?

do you have any paperwork to support the loan assertion?

it should not a tax issue if you have some support.  the fact the bank reports it to the treasury is of no consequence.  

For example, I took out 20,000 in cash to go buy a new car from a collector and I was reported, but I have a receipt, the pictures and title to the car and a letter from the seller and bill of sale. I also paid sales tax and reported the transaction.  Just because the bank told the treasury I took out cash is not prima facie evidence of wrong doing.


Tax Law (Questions About Taxes)

All Answers

Answers by Expert:

Ask Experts




Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

AICPA, CSCPA (Ct society), National Tax,

a bunch.

MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

©2017 All rights reserved.

[an error occurred while processing this directive]