My father is going to send me $100,000 from Taiwan. He's not an American citizen and I'm on H1B visa. Will this trigger any gift tax or income tax from the US side?

[stevesteveleelee]

From what I gathered, my dad will only need to deal with Taiwan's gift tax.
And I only need to fill a Form 3520 if the amount is higher than $100,000. And no tax consequence, is that right?

He had a property once in the US and sold it in 2020. All the asset he has right now are in Taiwan, not in the US.

[pk · Accepted solution]

@stevesteveleelee , absent any other facts ( such as whether your parent/s  are Green Card holders etc. etc ), you correct in that the only requirement for you as a Resident for Tax Purposes is to report the gift on form 3520  ( $100,000 or more ); if it rests in any foreign account that you may own or have signature authority only, you may have to file FBAR (  online ONLY form 114 at FinCen.gov )  and FATCA form 8938 ( along with your tax return for the year in which this took place.

Is there more I can do for you ?

pk

[stevesteveleelee]

Hi pk,

Thank you so much for answering!

My parents are not green card holders. My dad only has an ITIN which he got when he purchased the house in the US 10 years ago. And since he no longer has any assets in the US now, I guess he only needs to report the gift tax according to Taiwan's law.

And thanks for the information about the FBAR and FATCA forms. Though I don't have foreign accounts, it's helpful information to know.

I think I'm all good now. Really appreciate the help, pk!