Monetary gift received

[VGCurious]

If a US Citizen gives me (non -resident alien but resident for tax purposes) a gift of over 17000 in 2023 what is the tax rule. I saw anything above 17k will be taxed. Not sure I understand all the language everyone has been writing.

[KrisD15]

If you RECEIVED the gift, there is no tax consequence for you. 

YOU do not report gifts as income. The tax was already paid by the person that gave you the gift. 

If the gift is over the yearly limit, the person that GAVE you the gift needs to report that by filing Form 709. 

Form 709 just keeps track of how much money a taxpayer gives away during their lifetime. 

The limit is quite large. 

For Tax Year 2023 it is 12.92 Million USD