Returning of lending money

[TaxMark]

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I lended a large amount of money (about $400k) to a oversea realtive a few years ago. Now he is ready to return the money back to me. My question is how do I avoid paying tax on the money he will return? Thanks

 

[JETX]

THIS FORUM IS FOR QUESTIONS ABOUT U.S. LAW ONLY

Gee... for $400,000, don't you think you could afford a personal visit to a good local tax attorney or CPA??

 

[TinkerBelleLuvr]

I hope that he reported the transfer outside of the country for the amount above 10K.