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I will be receiving around 125000 from my sister in india so that i can pay her daughters school fees with whole amount. Will that be taxable to me?
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posted
November 27, 2021
7:26 AM
last updated
November 27, 2021
7:26 AM
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I will be receiving around 125000 from my sister in india so that i can pay her daughters school fees with whole amount. Will that be taxable to me?
No. Gifts your receive are not taxable or reportable income, even if received from abroad. Since you are, apparently, just an intermediary, it would still not be considered income to you.
However, there is a reporting requirement (no tax is due), separate from your income tax filing, for foreign funds received, exceeding $100,000. For details, see https://www.bankrate.com/finance/taxes/limit-on-cash-gifts-from-nonresident-alien.aspx
November 27, 2021
7:57 AM
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I will be receiving around 125000 from my sister in india so that i can pay her daughters school fees with whole amount. Will that be taxable to me?
She should pay the school directly and leave you out of being in the middle.
November 27, 2021
2:43 PM
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