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Do I need to pay tax with foreign wire transfer received from parents (non-US residents/citizens) living in another country?
They sold their house and want to gift me that money. Tax was paid to the government over there by my parents. Do I need to report this money to IRS? Is it considered income or just a gift? Is there a limit of how much money they can send me annually before IRS taxes me? My bank is clueless about this. Thanks for your help.
May 31, 2019
5:50 PM