I opened an account overseas in my country because I have dual nationality and my father will wire me money into my convertible acount as a gift. What are the laws for this, and do I have to report it since it is a gift?
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We cannot provide you with tax advice about the transfers from your father. If you file tax returns with the IRS, you are required to answer a question each year whether you have control over accounts at banks outside the U.S.
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We cannot provide you with tax advice about the transfers from your father. If you file tax returns with the IRS, you are required to answer a question each year whether you have control over accounts at banks outside the U.S.
