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Escrow Wiring Money

Hi,

This may seem like a strange situation. My relative is wiring me money from a foreign country which can be up to 100k without having to fill out an IRS form. It will be 80k that I will get. With that 80k I plan on wiring that money to an escrow account set u by an attorney to help my sister close on a house. Is that taxable? Are there any repercussions? Is that 80k now considered a gift to my sister and since its over 14k, does that mean I pay taxes?
  • November 27 2013 - US
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Answers (3)

Definitely talk to a CPA.  I'd have them wire the 80K directly to the escrow/lawyer on your sisters behalf. 
  • November 29 2013
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You're looking at a potential tax event. As Wetdawgs says, consult with a CPA.

All the best,
  • November 27 2013
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Profile picture for wetdawgs
Please talk with a tax accountant.   As you describe, it does sound like a gift.      Why don't they wire it directly to your sister's account?
  • November 27 2013
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