transferring money from Int'l into US

06-03-2008, 12:29 PM

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Join Date: May 2007

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transferring money from Int'l into US

What is the name of your state?NJ

My father-in-law is considering transferring $100K from an Argentina bank account to the US to help me pay down my mortgage. Are there any tax liabilities on my part to doing this? Or, can I just accept the money into my account and pay down my mortgage? Do I have to add it to my 08 income? Does my father-in-law have any consequences/liabilities to doing this? I am a US citizen, he is not (green-card-holder).

If it matters, I would be accepting the money as a loan and paying it back when I sell the property.

What is the best way to do a transaction like this to minimize tax issues for all parties involved (if there are any)?

Find a Tax Attorney

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