- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
I received 160k as a gift from my mother last year in august; the funds were sent directly to the escrow account (it didn't go to my bank account). My mother is a US resident who doesn't work/live here or pay taxes in the United States; she lives in Peru. We need to file form 709, but I think we are late (it was due April 15th according to the IRS site). We thought it was due this monday May 17th. Does my mother have to pay taxes on the gift (cash funds) she sent directly to the escrow account last year? There is a lifetime GST exemption, and I believe we qualify for that. IIf you could please help me understand this information before filing and whether it is fine to file this Monday May 17th or after. THANK you so much!
May 15, 2021
5:30 PM