Hello,
My mother, who lives outside of the US (and not a US citizen), wants to gift me cryptocurrency (10000 USDT, ~$10000 market value)
Questions.
1) I'm gonna exchange USDT to USD and send USD it to my bank account. Will I need to do paperwork for this amount?
1a) If yes, will I need to provide confirmation that this is a gift from my mother?
1b) If yes, how can this confirmation look, provided my mother lives outside the US?
2) What would change if the gift was greater than $16000? Would I need to pay my normal taxes (~30%) on the part that exceeds $16000? Does this $16000 limit apply at all if cryptocurrency is received from a person living outside of the US?
3) That $16000 limit is applied to all gifts between Jan 1st & Dec 31st? So theoretically I could receive a $10000 gift on Dec 31 & $10000 gift on Jan 1 and pay no taxes?
