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smiling f
smiling f asked in Business & FinancePersonal Finance · 1 decade ago

How to wire money from overseas to US?

Hi,

I am going to buy a house in the US. My brother in China wants to send me some money ($50k) to pay for the downpayment.

does anyone know if I need to pay tax and if there is a way to work around it?

thanks in advance

2 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Is this a loan or a gift? Neither causes you to owe tax.

    If it's a loan, be sure to pay your brother back--but realize that if he lives in China, you can't deduct the interest on your taxes.

    Since the amount is less than $100K, you do not need to file IRS form 3520.

  • wackoscooba
    1 decade ago

    If your brother "lends" you the money...there is no tax on loans.

    Source(s): the law, and my brain
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