@RacknarockGod wrote:
Thank you.
But it is not more than $100,000.
Would we need to pay Federal Tax or State Tax for the gift?
No. A gift received is never taxable or reported on a tax return. If the gift was greater than $100,000 the receiver of the gift only has to report the receipt of the gift from a foreign individual.
Since the gift is not greater then $100K you have nothing to report to the IRS.
