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  #1 (permalink)  
Old 02-08-2014, 05:41 PM
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Online Money Transfer to USA is taxable?

Hi

My Friend Borrow some money from me about ( 12000 USD ) when i was in singapore but after some time i move to USA with my family and now my friend paying me monthly about ( 800 USD ) every month. as per he told me he cann't pay such amount so paying me every month.

i have question he is transfering about 800 USD every month to my Chase bank account. is this money is tax able. I need to pay tax for this transfer.

this is my money but he is transferring via bank do i need to pay tax.

thanks
Additional Details
as per your answer i am okay.. but i don't have any proof

he is very good friend of mine and i just pay him cash because he was in some family problem..

is there i need to show some proof for this..



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Old 02-08-2014, 08:49 PM
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Quote:
Originally Posted by sandeepsinghk View Post
Hi

My Friend Borrow some money from me about ( 12000 USD ) when i was in singapore but after some time i move to USA with my family and now my friend paying me monthly about ( 800 USD ) every month. as per he told me he cann't pay such amount so paying me every month.

i have question he is transfering about 800 USD every month to my Chase bank account. is this money is tax able. I need to pay tax for this transfer.

this is my money but he is transferring via bank do i need to pay tax.

thanks
Additional Details
as per your answer i am okay.. but i don't have any proof

he is very good friend of mine and i just pay him cash because he was in some family problem..

is there i need to show some proof for this..
unless he also pays you intetrest, you do not need to pay tax on the monthly payments deposited in your bank acct.n US from overseas. you do not need proof for that. however, youmay keep bank stmt. or receipt for potential audit even if is very rare



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Old 02-09-2014, 06:29 PM
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Quote:
Originally Posted by Wnhough View Post
unless he also pays you intetrest, you do not need to pay tax on the monthly payments deposited in your bank acct.n US from overseas. you do not need proof for that. however, youmay keep bank stmt. or receipt for potential audit even if is very rare
Thanks for you replay...
Yesterday I filed my tax file then It comes
In my mind that we need to define that of not.

He is my good friend...I did't get any interest on that amount
He cann't pay in full so he request me
To pay in installment so I said okay you
Can pay me monthly so every month he transfer
1000$ Singapore dollar ( about 700 usd ) and now he paid full
And now he is not paying me from last year December...


Thanks for your advice.. Thanks a lot



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Old 02-09-2014, 06:44 PM
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Join Date: Oct 2010
Posts: 4,772
Quote:
Originally Posted by sandeepsinghk View Post
Thanks for you replay...
Yesterday I filed my tax file then It comes
In my mind that we need to define that of not.

He is my good friend...I did't get any interest on that amount
He cann't pay in full so he request me
To pay in installment so I said okay you
Can pay me monthly so every month he transfer
1000$ Singapore dollar ( about 700 usd ) and now he paid full
And now he is not paying me from last year December...


Thanks for your advice.. Thanks a lot
correct as you mentioned abvoe, you do not need toinclude any amount of th epayments deposited in your bank acct. in US from Singapore on your 2013 return.



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Old 02-09-2014, 07:31 PM
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Join Date: Feb 2014
Posts: 4
Thanks for you replay...
Yesterday I filed my tax file then It comes
In my mind that we need to define that of not.

He is my good friend...I did't get any interest on that amount
He cann't pay in full so he request me
To pay in installment so I said okay you
Can pay me monthly so every month he transfer
1000$ Singapore dollar ( about 700 usd ) and now he paid full
And now he is not paying me from last year December...


Thanks for your advice.. Thanks a lot



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  #6 (permalink)  
Old 02-09-2014, 07:32 PM
Junior Member
 
Join Date: Feb 2014
Posts: 4
Thanks for you replay...

Thanks for you replay...
Yesterday I filed my tax file then It comes
In my mind that we need to define that of not.

He is my good friend...I did't get any interest on that amount
He cann't pay in full so he request me
To pay in installment so I said okay you
Can pay me monthly so every month he transfer
1000$ Singapore dollar ( about 700 usd ) and now he paid full
And now he is not paying me from last year December...


Thanks for your advice.. Thanks a lot



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