Foreign Deposit
What is the name of your state (only U.S. law)?
Hello, I reside in Texas. My wife recently sold a piece of property in Korea and divided the money with her sisters (The property was purchased with inherited money from her deceased mother.) My wife's portion of the money, roughly 50,000 dollars, was transferred to our US account. If it matters, my wife owned the property before we were married.
The question: How do I explain this money to the IRS? How will it be taxed?
Thanks for any help.
What is the name of your state (only U.S. law)?
Hello, I reside in Texas. My wife recently sold a piece of property in Korea and divided the money with her sisters (The property was purchased with inherited money from her deceased mother.) My wife's portion of the money, roughly 50,000 dollars, was transferred to our US account. If it matters, my wife owned the property before we were married.
The question: How do I explain this money to the IRS? How will it be taxed?
Thanks for any help.
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