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nycfancy
New Member

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

How do I approve this is cash gift to IRS that this not income, this is gift. 

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I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

No, gifts are not taxable to the recipient and do not have to be reported on your tax return.

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9 Replies

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

No, gifts are not taxable to the recipient and do not have to be reported on your tax return.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
nycfancy
New Member

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

Thanks for your answer. But should I show any papers to IRS that this is cash gift, not income?

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

You can record it as nontaxable income in the Sales Tax deduction section if you itemize.

nycfancy
New Member

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

I see, thanks! But I don't have to add it on the sales tax deduction section, right?

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

No you do not have to
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nycfancy
New Member

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

Great, thank you very much. Another questions, because this is large amount cash received in once, when I save them in my bank, should I notice them that this is gift? As usually save over $10,000, they will report. I just wanted to make sure i will not get into any troubles.
nycfancy
New Member

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

Great, thank you very much. Another questions, because this is large amount cash received in once, when I save them in my bank, should I notice them that this is gift? As usually save over $10,000, they will report. I just wanted to make sure i will not get into any troubles.

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

Yes, to be completely safe, you could ask the person who gave it to you to write something out at the time you receive it (like the cards I used to get in college from my parents!) or memo on check deposited-  otherwise, as you said note it on your bank statement
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nycfancy
New Member

I receive cash $15,000 to $30,000 a year as gift from my foreign friend, should I file tax on that? Is there any limits each year?

That's great idea. At least I would add the note on my bank statement. Thank you so much for your help!
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