Hope this questions find you all happy and healthy!
I wanted to know if there were any tax implications in me (US citizen) receiving cash gifts (wire transfer) from my father (non-US citizen residing in Germany) that are in excess of $100K?
From what I have found online on IRS site, the only implication is that I would need to report the gift on form 3520. Is there anything else that needs to be taken into account? Examples:
- Will my father need to pay any sort of tax on this gift?
- Will I need to pay any tax on this gift?
- Can I use this money to purchase real-estate in my name or would this then be considered a tangible asset that was gifted (even while technically the money was transferred to my account and therefore the property was purchased with my funds...but wondering if IRS would consider this scenario as some sort of pass-through arrangement etc)?
- Is there a limit that would change any of the above (i.e. gift >$500K or >$2MM). I saw there is mention of a lifetime limit of $11MM?
Thanks so much for any answers you can provide for the above.
Stay healthy!
