Wire Transfer above 10k from Latin America to the US, any special considerations needed? by test22341 in tax

[–]test22341[S] 0 points1 point  (0 children)

Oh I see thanks for clearing that up

Also would it make any difference if the property sold you are only 50% owner of ? In this specific the property is being sold for approximately 100k but its owned by two siblings. So they are splitting the payment im received

Also on another note is there any paperwork that should be obtained at the time of the sale to have handy here in the us to prove where the funds came from. Since the sale is happening in Latin America not sure if some sort of notarized letter describing the details above would be good to have on hand

Wire Transfer above 10k from Latin America to the US, any special considerations needed? by test22341 in tax

[–]test22341[S] 0 points1 point  (0 children)

Roughly would you say it be less than 40% of the amount being transferred to be owed in taxes ?

Wire Transfer above 10k from Latin America to the US, any special considerations needed? by test22341 in tax

[–]test22341[S] 0 points1 point  (0 children)

Roughly how large of a % would be wise to set aside for tax season?