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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.


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


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