Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-28-2014, 05:48 PM
Junior Member
 
Join Date: Dec 2013
Posts: 11
Tax on gift money from parents abroad

Hi. Is the (gift) money that I receive from my parents subject to income or any other tax? Does the “receiving method” (i.e. wire transfer versus check versus cash, etc.) make any difference? (My parents live outside the US and aren’t either US citizen or US resident alien.) Thank you.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-29-2014, 07:50 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by golf2000 View Post
Hi.


#1;Is the (gift) money that I receive from my parents subject to income or any other tax?


#2;Does the “receiving method” (i.e. wire transfer versus check versus cash, etc.) make any difference? (My parents live outside the US and aren’t either US citizen or US resident alien.) Thank you.
#1;No; you, as a donee, are NOT subject to any tax on the gift money that you receive from your parents from abroad


#2;No not at all. however, a US bank receiving money, more than $10K, needs to automatially report it to the Dept of US treasury for info return purposes.

So, you are NOT subject to any US tax(es) on your gift money from abroad.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 01-29-2014, 09:38 AM
Junior Member
 
Join Date: Dec 2013
Posts: 11
Quote:
Originally Posted by Wnhough View Post
#1;No; you, as a donee, are NOT subject to any tax on the gift money that you receive from your parents from abroad


#2;No not at all. however, a US bank receiving money, more than $10K, needs to automatially report it to the Dept of US treasury for info return purposes.

So, you are NOT subject to any US tax(es) on your gift money from abroad.
As always, you are such a fantastic help! Thank you.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax on Gift from parents thmpr52 Miscellaneous 1 06-04-2013 03:15 PM
IRS Is Taking My Money For My Money For My Dads Companies Taxes givemeabreak Limited Liability Company 1 07-24-2011 02:34 PM
Is rent paid to parents from disabled child's ssi money considered income for the parents? troutmaster Rental Real-Estate 3 02-08-2011 12:59 AM
Ten Tax Benefits for Parents Samatg For 2010 0 02-07-2011 03:22 PM
Filing between Parents Motherontheloose1 Filing Requirements 0 02-19-2009 03:11 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.