I am sending money back to my family. Will this incur tax?
Article ID: 174 | Last Updated: Thu, Nov 8, 2012 at 5:49 PM
I have been staying here for 4 years, where I am under dutch tax ruling for my work. My parents gave me a few thousand dollars when I first started studying here. Now they want me to send the money back. I was wondering if sending some money ( eg. a few thousand dollars) back to my parents in another country will incur tax? If there is, how much is that? Is there a money limit to how much i can send so that I do not get taxed?
Sending money abroad, back to your parents, will not incur tax (in the Netherlands). You are just paying back the loan you received from your parents. It is not a gift to your parents.