DONATION FROM FAMILY MEMBER

Forum|Forum|3 years ago
March 18, 2023
4 replies
32 views

Hello,

I would like to know if a donation I will receive on my account from my mother who is in Europe is taxable.

Thank you

AnnetteB6

Employee Tax Expert

Please clarify what type of account your mother will be contributing to on your behalf. Then, someone may be able to give you further information.

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ELE26Author

Level 2

Her account in Europe, it would be a donation.

DoninGA

Level 15

@ELE26 wrote:

Her account in Europe, it would be a donation.

If by donation you mean that she is gifting you funds that you will receive in your bank account, funds that do not have to be repaid, that is a gift and not entered on a tax return.

However, if the amount of the gift is over $100,000 and is from a foreign individual who is not a US citizen or US resident then you have to report the gift received on IRS Form 3520. That is not a tax form but an informational form to notify the IRS of the gift received.

IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520