- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If you gifted $500k to your son, he is not liable for gift tax, but he has to file form 3520 with the IRS if he is a U.S. person ( citizen or resident of the United States).
Please read this IRS document:
https://www.irs.gov/businesses/gifts-from-foreign-person
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎June 4, 2019
8:37 PM