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Old 04-21-2015, 11:26 AM
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Sending money from South Korea to USA

My wife and I are going to be moving to USA soon. I'm a US citizen and my wife is Korean.
Her parents are giving us about $45,000 as a gift for getting married.
I"m trying to find out the best way to send the money while paying the least amount of tax on it.
Does anyone have any experience doing this and can help us out it'd be greatly appreciated. Thanks!



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Old 04-21-2015, 10:45 PM
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Join Date: Oct 2010
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Quote:
Originally Posted by ksnooz View Post
Her parents are giving us about $45,000 as a gift for getting married.
I"m trying to find out the best way to send the money while paying the least amount of tax on it.
!
There is no ANY tax on the gift of $45K;you, as a donee, a recipient, do not need to pay any tax to IRS/your home state. Your FIL, as a non US alien do not need to file irs form 709 either. No worry about this. If your FIL is a US resiewdnt/ citizen, then he needs to fiel form 709 for the gift;in principle, only If you are a citizen or resident of the us, you must file a gift tax return whether or not any tax is ultimately due If you gave gifts to someone in 2014 totalling more than $14k ,other than to your spouse, you probably must file Form 709.



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