I am a US citizen and my dad (not a US citizen or not a green card holder) would like to give me some money from abroad. I have three questions: 1) Do I have to pay any tax? Is there any annual or lifetime limit? 2) My mom is a US citizen - still married to my dad. However, she doesn't have any name (or is not a co-owner) in my dad oversea bank account, where the money will be coming from. Does my mother have to pay any US tax on this because my dad is giving me money as they are married? 3) My dad is also thinking to just give my mom the money instead of me. In this case, does she have to pay any tax?
You'll need to sign in or create an account to connect with an expert.
Gifts received from an individual are not reported on a tax return, regardless of the amount received.
If the gift received is from a foreign individual and the amount received is greater than $100,000 then the gift received has to be reported to the IRS on Form 3520. However this is an informational form only and there is no tax on the gift.
So, for your questions -
1) No
2) No
3) No
$100000 limit for one person then
how about join tax filer.(is lime 200000)
Read the IRS instructions for Form 3520 - https://www.irs.gov/pub/irs-pdf/i3520.pdf
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ftang101
New Member
BSSE1
Level 1
4beautifulreflec
New Member
StaceyVA
New Member
wangyu220
Returning 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.