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Carrie23
Level 1
November 16, 2022
Question

Gift received

  • November 16, 2022
  • 1 reply
  • 10 views

What is the reporting requirement for receiving stocks/property/cash from parents as gift? Any difference if parents are not US residents?

    1 reply

    C
    Level 6
    Corrlich44Level 6
    Level 6
    November 16, 2022

    Hi Carrie23,

     

    Anyone, especially a child, can receive a gift from a parent. Only the Parent is subject to Gift Tax Requirements as the Giver, not the Receiver, regardless of where the Giver lives.

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