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Level 1
September 17, 2024
Question

International monetary gift

  • September 17, 2024
  • 1 reply
  • 17 views

Will my parents or I be taxed if my parents, not us citizens, gift me, a us citizen, a monetary gift of less than $100,000 via international bank transfer?

    1 reply

    Level 15
    September 17, 2024

    Expert Reviewed

    Under US tax law, the recipient of a gift is not taxed.  Whether or not your parents owe payment of a gift tax depends on the laws of the country where they are living.  The bank may generate an automatic report of large transfers of money, but you don't have any role in that process and it doesn't result in payment of any tax.