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posted Jan 3, 2023 9:31:07 AM

My dad is permanently moving here to the States, n wants to transfer money to my account. Will I get taxed, if he were to send the money to my personal checking account?

The buyer of his property is sending the money from Dubai and partly from States. My dad wants to make sure all the funds get transferred here before he signs the document. How can I file my taxes which doesn't indicate that it is my income?

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1 Replies
Level 15
Jan 3, 2023 9:47:32 AM

no. the receipt isn't taxable income. if your dad is letting you keep the funds then you got a gift and may have to file form 3520

 

Purpose of Form
U.S. persons (and executors of estates of U.S. decedents)
file Form 3520 with the IRS to report:
• Certain transactions with foreign trusts,
• Ownership of foreign trusts under the rules of sections 671
through 679, and
• Receipt of certain large gifts or bequests from certain
foreign persons.

 

You are a U.S. person who, during the current tax
year, received either:
a. More than $100,000 from a nonresident alien
individual or a foreign estate (including foreign persons
related to that nonresident alien individual or foreign estate)
that you treated as gifts or bequests;

 

the return is due 4/15 of the year following the year of receipt.

https://www.irs.gov/forms-pubs/about-form-3520