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mani6
Level 3
Mar 21, 2020 5:32 PM UTC
Question

Gift

My wife got a gift of about $4500 from her mother who lives in India.  Do I need to report it and if so where in TT.

    2 replies

    DoninGA
    Level 15
    DoninGALevel 15
    Level 15
    Mar 21, 2020 5:39 PM UTC

    Gifts received from an individual are not reported on a tax return, regardless of the amount received.

     

    The gift received from a foreign person only has to be reported to the IRS if the amount of the gift is over $100,000.

      mani6Author
      Level 3
      Mar 21, 2020 5:47 PM UTC

      Thanks

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