if someone pays my mortgage off in full...and then i pay them in another country

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  • Phoenix
    BACON BACON BACON
    • Nov 2002
    • 35475
    #1

    if someone pays my mortgage off in full...and then i pay them in another country

    will i get hosed on taxes?

    like when they give me the money?

    i know i know i will ask my tax guy...but i am not home yet
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    • L-Pink
      working on my tan
      • Mar 2005
      • 39151
      #2
      $10,000 per year from one person is the max before US gift tax hits. However, let's say your parents each wanted to give you 10 grand, no problem. If they wanted to give you and your wife 10 grand each, total of 40 grand no problem. Still, see a tax guy.

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        • pimplink
          Confirmed User
          • Jun 2001
          • 9535
          #3
          Whatever happens, consult a tax guy. He'll do the math for you.

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            • pimplink
              Confirmed User
              • Jun 2001
              • 9535
              #4
              Whatever happens, consult a tax guy. He'll do the math for you.

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                • Kimo
                  ...
                  • Jan 2006
                  • 11542
                  #5
                  Originally posted by pimplink
                  Whatever happens, consult a tax guy. He'll do the math for you.
                  ...

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                    • pimplink
                      Confirmed User
                      • Jun 2001
                      • 9535
                      #6
                      Sorry about that, folks. I accidentally clicked 'post reply' twice.

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                        • fris
                          I have to go potty
                          • Aug 2002
                          • 55916
                          #7
                          brad let me know, my dad is a tax auditor for rev canada, i can ask him
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                            • TripleXencoding
                              Registered User
                              • Oct 2006
                              • 93
                              #8
                              I have that same worry sometimes. I get wires of 5k to 10k at a time from overseas relatives but usually less than 20k per year total. Hasnt bit me in the ass yet though.

                              Its like paying for an 86 Dodge Omni, and driving away in a 2006 Bugatti
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                                • DutchTeenCash
                                  I like Dutch Girls
                                  • Feb 2003
                                  • 21684
                                  #9
                                  dont you guys have that you can only be taxed once rule? cause we have that in the EU, would mean if you pay them in a less high % tax country you wouldnt be taxed.

                                  then again theres this global taxation the US has right.

                                  Id certainly consult yeah

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