Do I have to pay taxes on money sent to me in the US by wire transfer from another country?
I have a green card and I live in the US. I'm starting to do business with people in Vietnam, and they transfer money to my checking account using wire transfers from banks in Hong Kong or Cambodia. My business uses that money to buy goods and materials to send back to Vietnam.
Do I need to pay tax on the money that was wired to my checking account? Of course, I still need to pay taxes on my income as usual.
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Typically, a transfer of money isn't taxed in and of itself. If they send you 00 and you send them goods, your profit is what would be taxed, not the full amount sent to you. You need to keep track of all money you spend to acquire the goods, and all money coming in, so you can declare the profit you've made as income. Your question appears to be less about personal finance, and more about running a small business.
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