Do I have to declare to the IRS money that's coming from abroad through my financial Institution(my bank) to purchase a home?

Asked over 1 year ago - Malden, MA

I have $60,000 that is coming from Brazil which I will use to purchase a home here in the US.
Do I have to declare that as an income?

Attorney answers (4)

  1. Christopher W. Vaughn-Martel

    Contributor Level 17

    4

    Lawyers agree

    Answered . You need to report all income and assets accurately to your lending institution. You only need to declare that money as income if it was income, as opposed to a gift, a personal injury settlement, repayment of a loan, or a transfer of savings, etc. You should not report that money based on the answers in this forum. You need the advice of someone looking at your forms together with you.

    Christopher Vaughn-Martel is a Massachusetts lawyer with the firm of Vaughn-Martel Law in Boston, Massachusetts.... more
  2. Eric P Rothenberg

    Pro

    Contributor Level 12

    2

    Lawyers agree

    Answered . The previous answers are all correct in that you haven't included sufficent information to get a complete answer. Citizens and residents of the US are required to report on their income tax returns here all income world wide. So you should get advice from an attorney before the transfer is made in addition to how to take title to the real estate you are about to purchase.



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  3. Pamela Koslyn

    Contributor Level 20

    3

    Lawyers agree

    Answered . If this money is in fact income, then it should be included on both your federal and state tax returns.

    Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to... more
  4. Luca Cristiano Maria Melchionna

    Contributor Level 16

    2

    Lawyers agree

    Answered . If this money is a gift, it is not taxable. If it is income, namely something that is the result of service or goods you provided or sold, than you need to pay taxes. Unless, however, special double taxation rules apply (e.g. you have already paid taxes on this amount).
    It is sound to talk to an attorney to clarify each doubt.
    Best

    This reply is offered for educational purpose only. You should seek the advice of an attorney. The response given... more

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