Am I going to be audited?
August 16, 2012 10:24 AM Subscribe
So I was just wired ~$23,000 into my checking account from a foreign bank. How much (if any) tax do I have to pay on this?
posted by anonymous to work & money (12 answers total) 2 users marked this as a favorite
This was money that was put into mutual funds for me by my grandparents. Due to some new US regulations, the foreign (Swedish, if it matters) bank would no longer be able to execute/manage the funds for me after August 31st of this year. So they contacted me and we agreed to liquidate the funds and have them wire it to my account. My question is this: Are these funds taxable as income? Capital gains? Or will they fall under the (lifetime) gift tax exemption? Or is it only the gifter who would worry about the gift tax, and not me, the giftee?
I have, up until this point, always done my own taxes online. Now I am considering going to a pro to help me out, but would like to be somewhat informed about the situation before I do so. And since I'm gonna guess it matters, I live and work in New York City.
Any recommendations for great tax people in NYC would be much appreciated as well!