Reciving large amounts of money from aborad

[rsbennett00]

Neither, it's aborad.

I think it's a cave in Pakistan. It's not on any map I can find.

Are we all assuming that Reciving = Receiving ?

 

[Kushina]

Anyone have experience with Pakistan? I keep hearing that they don't let you move amounts larger than $5k out of the country without feeing and charging the shit out of it. If it's over 4mil PKR then they charge you 1M PKR +35%.

 

[Red Squirrel]

All of this. This is all wrong.

You can inherit (or receive as a gift of any type) over $5 Million and not have to pay any taxes on it. Don't do shady-ass shit to avoid taxes that you don't have to pay.

Really? I thought the US charged taxes on inheritance, or pretty much any situation where you receive money from another party? Or did that change recently?

 

[zinfamous]

Neither, it's aborad.

true. now I'm more confused.

 

[Hugo Drax]

The way high net worth individuals transfer money is via Art.

 

[kranky]

Really? I thought the US charged taxes on inheritance, or pretty much any situation where you receive money from another party? Or did that change recently?

If gift taxes are owed (unlikely), the giver pays them, not the recipient of the gift.

If federal estate tax is owed (unlikely - you'd need a multimillion dollar estate, and those people usually have worked out a plan to avoid them), the estate pays them, not those who inherit the estate.

Only a few states have inheritance tax. Those receiving an inheritance do pay that.

 

[skimple]

Have you considered that once you get the money into the US under your name, you may wake up one day to find your your dick in a bagel slicer, while someone you can't see tells you they want "their money" back?

 

[jaedaliu]

Really? I thought the US charged taxes on inheritance, or pretty much any situation where you receive money from another party? Or did that change recently?

If gift taxes are owed (unlikely), the giver pays them, not the recipient of the gift.

If federal estate tax is owed (unlikely - you'd need a multimillion dollar estate, and those people usually have worked out a plan to avoid them), the estate pays them, not those who inherit the estate.

Only a few states have inheritance tax. Those receiving an inheritance do pay that.

My experience with gift/inheritance tax is as a recipient. inheritance and gifts are considered income. Each person has a ~$14k annual exemption from tax per individual (it goes up every year or 2. Example: 1 parent can give you $14k, 2 can give you $28k, 2 can give you and your spouse $56k) Above the annual exemption, each recipient has a lifetime gift/inheritance tax free allowance of ~$5m. If you're using the lifetime allowance, it needs to be documented on your tax return.

As for a gift giver paying taxes, I'm not aware of any line on the federal tax return for it.

Well, I'm completely wrong.

 

[JTsyo]

from a broad or from abroad?

huge difference, there.

Why not both?

 

[allisolm]

. inheritance and gifts are considered income.

In the US inheritance money and gift money received are NOT considered income to the recipient. There are a few states with taxes on such money and those only in limited cases.

https://turbotax.intuit.com/tax-too...ect-Your-Inheritance-from-Taxes/INF23005.html

http://www.forbes.com/sites/deborahljacobs/2014/04/09/gift-tax-returns-what-you-need-to-know/