Hello,
My mom wants to gift me $500K and it's not from her income. She has dual citizenship from the US and Vietnam. The money will be coming from Vietnam.
What are the tax implications? Can she just wire me the money or write a check or something? I am not sure how all this works.
Thanks!
You'll need to sign in or create an account to connect with an expert.
@blm1028 , assuming that you a US person ( Citizen/ GreenCard ), this would be a gift from a US person ( US will ignore that your mother is also a Vietnam citizen for Us tax purposes ) to a US person. Thus you do not have to file anything ( unless the monies rest in a foreign bank / financial account that you either own or have signature authority over -- for FBAR and/or FATCA regs ). Your mother on the other hand will have to file a form 709 -- US gift tax form , recognizing the gift . It has no immediate tax effect but will count against her gift/estate tax lifetime credit amount.
Can she write check ? Generally no unless you also have a foreign bank account for where the check can be honored --- checks generally cannot cross international boundaries. If she wires the amount to your bank account in the USA, your bank will raise a SAR ( Suspicious Activity Report ) as a general practice and generally nothing happens -- US treasury requires this for all activities ( international ) for amounts > US$10,000. Note that high amounts like a million or more may require US Treasury approval for incoming while the outgoing country may also have restrictions / foreign exchange controls ( even if the amount is from a US $ denominated account locally held.
Is there more one of us can do for you ?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
blm1028
New Member
ML888
New Member
slara22
Level 4
brandongrza
New Member
ducomulder
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.