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.

  • 2
    Which country are you asking about? I assume you are asking if you owe taxes in the US from the wire transfers, but I am unclear.
    – MrChrister
    Jul 3, 2013 at 19:38

1 Answer 1


Typically, a transfer of money isn't taxed in and of itself. If they send you $1000 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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