My parents who live in Colombia and who are non U.S. citizens nor residents want to send me money as a gift from a U.S. bank account located in New York City. I am a U.S resident, a green card holder. We have read form 3520 and understand all it says. However, since my parents will be transferring the money from the bank in New York City to my bank account located in Texas, we wonder if that "gift" will still be considered a foreign gift.
Any clarification on this matter will be very helpful.
Thanks!
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If your parents live in Columbia and are not resident aliens or green card holders, it is considered a foreign gift, no matter where the bank account is.
If your parents live in Columbia and are not resident aliens or green card holders, it is considered a foreign gift, no matter where the bank account is.
Both the parties are US Residents, both accounts are US bank accounts. So it must be a Domestic gift, not a foreign gift.
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