I have received a gift from my son-in-law, who liv...
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I have received a gift from my son-in-law, who lives in the UK, of $200,000, do I pay taxes on that gift?

 
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Level 15

I have received a gift from my son-in-law, who lives in the UK, of $200,000, do I pay taxes on that gift?

Gifts received are not taxable reguardless of the amount.

 

You would probably be required to file a 3520 form however, since it is over $100,000.

 

https://www.irs.gov/businesses/gifts-from-foreign-person

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Level 15

I have received a gift from my son-in-law, who lives in the UK, of $200,000, do I pay taxes on that gift?

If your son-in-law is a "US person" (you aren't clear on this) for income tax purposes, he must report the gift.  No gift tax is owed unless his lifetime gifts and estate is more than $11 million.  

 

Gifts received by a US person are only taxable to the recipient under rare circumstances, such as if your son-in-law gifted you a piece of US investment or business property or certain other physical assets that are within the US.  Money is not a physical asset and so gifts of money are never taxable to the recipient.  

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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