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florentcla
New Member

I am green card holder. If my aunt gives me €25,000 in France, will I be paying taxes on it before transferring the money into my dollar bank account?

 
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DS30
New Member

I am green card holder. If my aunt gives me €25,000 in France, will I be paying taxes on it before transferring the money into my dollar bank account?

No you will not pay any taxes on either the foreign gift or when the money is transferred to your US bank account.

You will not pay any taxes on inherited or gifted money because the IRS does not consider this taxable income.

Regarding the amount of the foreign gift -  there may be additional filing requirements required to report this foreign gift to that IRS. If the foreign gifts exceed $100,000 in total during the calendar tax year, you will  need to file  Form 3520 - gift or inheritance from a foreign person (nonresident alien). This form is not supported by TurboTax.

Regarding your FBAR requirement -

If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::

  1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Foreign financial accounts consist of all foreign financial accounts that you own separately or jointly or for which you have signatory authority over (such as a foreign business account that is owned by the business but for which you can sign checks or redirect funds).

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)


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2 Replies
DS30
New Member

I am green card holder. If my aunt gives me €25,000 in France, will I be paying taxes on it before transferring the money into my dollar bank account?

No you will not pay any taxes on either the foreign gift or when the money is transferred to your US bank account.

You will not pay any taxes on inherited or gifted money because the IRS does not consider this taxable income.

Regarding the amount of the foreign gift -  there may be additional filing requirements required to report this foreign gift to that IRS. If the foreign gifts exceed $100,000 in total during the calendar tax year, you will  need to file  Form 3520 - gift or inheritance from a foreign person (nonresident alien). This form is not supported by TurboTax.

Regarding your FBAR requirement -

If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::

  1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Foreign financial accounts consist of all foreign financial accounts that you own separately or jointly or for which you have signatory authority over (such as a foreign business account that is owned by the business but for which you can sign checks or redirect funds).

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)


florentcla
New Member

I am green card holder. If my aunt gives me €25,000 in France, will I be paying taxes on it before transferring the money into my dollar bank account?

Thank you this is helpful! Does that mean once I will get the money in EUR,  I can transfer it onto my USD account as soon as I file the FBAR?
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